HomeMy WebLinkAbout(0052) 60Hanna Ranch Design Amend 1 Reimb Resolution Rev.PDFA Resolution
NO.
STATEMENT EXPRESSING
OFFICIAL INTENT TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF FUTURE DEBT FOR THE HANNA
RANCH M-295 REPLACEMENT
WHEREAS, the City of Fort Worth, Texas (the "City") is a home -rule
municipality and political subdivision of the State of Texas; and
WHEREAS, the City expects to pay expenditures in connection with the design,
planning, acquisition and construction for the Hanna Ranch M-295 Replacement Project
(the "Project") prior to the issuance of obligations by the City in connection with the
financing of the Project from available funds; and
WHEREAS, the City finds, considers, and declares that the reimbursement
of the City for the payment of such expenditures will be appropriate and consistent
with the lawful objectives of the City and, as such, chooses to declare its intention,
in accordance with the provisions of Section 1.150-2 of the Treasury Regulations,
to reimburse itself for such payments at such time as it issues obligations to finance
the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS, THAT:
Section 1. The City reasonably expects debt, as one or more series of
obligations, may be issued or incurred by the City with an aggregate maximum
principal amount not to exceed $180,000.00 for the purpose of paying the
aggregate costs of the Project.
Section 2. All costs to be reimbursed pursuant hereto will be capital
expenditures. No obligations will be issued by the City in furtherance of this
Statement after a date which is later than 18 months after the later of (1) the date
the expenditures are paid or (2) the date on which the property, with respect to
which such expenditures were made, is placed in service.
Section 3. The foregoing notwithstanding, no obligation will be issued
pursuant to this Statement more than three years after the date any expenditure
which is to be reimbursed is paid.
Adopted this day of _________________ 2020.
ATTEST:
Mary Kayser, City Secretary