R-2456-11-05RESOLUTION NO. 2456-11-05(R)
' A RESOLUTION declaring expectation to reimburse expenditures with proceeds
of future debt.
WHEREAS, the City of Allen, Texas (the "City") plans to issue tax exempt obligations to
finance the costs of (i) constructing park improvements (neighborhood park development of
Spring Meadows Park that serves the subdivisions of Reid Farm and Spring Meadows west of
Highway 5) and (ii) architect and engineering services related to the Spring Meadows Park
development, hereinafter referred to collectively as the 'Project"; and
WHEREAS, prior to the issuance of such obligations, the City will make expenditures for
the Project 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 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, 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 incurred by the City, 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 park project identified above is $410,000.
PASSED AND ADOPTED this November 8, 2005.
CITY OF ALLEN, TEXAS
Stephe i Terrell, MAYOR
ATTEST:
44_,
She ey B. Ge e, TRMC, CIT ECRETARY