HomeMy WebLinkAboutResolution 4456-05-2015 A Resolution
NO. 4456-05-2015
STATEMENT EXPRESSING
OFFICIAL INTENT TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF FUTURE DEBT FOR THE
DEERFIELD ADDITION WATER MAIN IMPROVEMENTS PROJECT
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
Deerfield Addition Water Main Improvements project as shown on the
attached map (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:
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 $200,000.00 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.
ORT WO T
Resolution No.4456-05-2015
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 19th day of May, 2015.
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