R-2147-3-03RESOLUTION NO. 2147-3-03(R)
' A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN
COUNTY, TEXAS, DECLARING EXPECTATION TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF FUTURE DEBT; AND SETTING AN
EFFECTIVE DATE.
WHEREAS, the City of Allen, Texas (the "City") plans to issue tax exempt obligations to finance the costs
of (i) constructing street improvements (widening of East Bethany Drive from U.S. 75 to Allen Heights
Drive) and (ii) architect and engineering services for a new senior citizens center, hereinafter referred to
collectively as the "Projects"; and,
WHEREAS, prior to the issuance of such obligations, the City will make expenditures for the Projects from
existing funds on hand, and it is the intent of the City to reimburse such funds with the proceeds of sale of
such obligations; and,
WHEREAS, under Trees. Reg. ' 1.150-2 (the "Regulation"), an official intent to reimburse expenditure with
the proceeds of tax exempt obligations must be made within 60 days of the date of the original expenditure;
and
WHEREAS, the City desires to preserve its ability to reimburse the expenditures with proceeds of tax-
exempt obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ALLEN,
' COLLIN COUNTY, TEXAS THAT the City reasonably expects to reimburse capital expenditures with
respect to the Project paid with funds on hand from the proceeds of sale of tax exempt obligations hereafter to
be issued in the spring of 2004, and this resolution shall constitute a declaration of official intent under the
Regulation. The principal amount of tax exempt obligations expected to be issued for the street project
identified above is $2,000,000 and for the architect and engineering services for the new senior citizens center
is $400,000.
DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN
COUNTY, TEXAS, ON THIS THE 25m DAY OF MARCH. 2003.
APPROVED:
Stephen Terrell, MAYOR
ATTEST:
\J 1� C- l
Shelley B. Geo RMC, CITY SE TARY