HomeMy WebLinkAboutResolution 6063-02-2025A Resolution
NO. 6063-02-2025
STATEMENT EXPRESSING
OFFICIAL INTENT TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF FUTURE DEBT FOR THE NORTHSIDE III 48 INCH
WATER TRANSMISSION MAIN
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 Northside III 48 Inch Water Transmission Main 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 $36,500,000.00 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 25th day of February, 2025.
ATTEST:
M
Jannette S. Goodall, City Secretary