From
Glenda C Peterson, Street Operations Supervisor
Title
Resolution declaring expectation to reimburse expenditures with proceeds from the issuance of future debt for Street Assessment Implementation, Sidewalk Repairs and Guard Rail Repairs as outlined in the adopted Capital Improvements Program (CIP)
Presenter
Gabriel Johnson, Public Works Director
Recommended Action
Approve
Analysis
This resolution provides the mechanism to issue bonds in FY 2020/2021 to reimburse expenditures incurred in the current fiscal year to expend items related to the adopted Capital Improvement Program (CIP).
Financial Consideration
Funding for reimbursement will occur when debt is issued and funds are delivered, approximately February 2nd, 2021.
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, DECLARING EXPECTATION TO REIMBURSE EXPENDITURES FOR STREET ASSESSMENT IMPLEMENTATION, SIDEWALK REPAIRS AND GUARD RAIL REPAIRS WITH PROCEEDS OF FUTURE DEBT
Whereas, the City of Grand Prairie, Texas (the "Issuer") intends to issue debt for performing Street Assessment Implementation, Sidewalk Repairs and Guard Rail Repairs therefore (collectively, the "PROJECT") and further intends to make certain capital expenditures with respect to the Project and currently desires and expect to reimburse the capital expenditures with proceeds of such debt.
Whereas, under Treas. Reg. 1.150-2 (the "Regulation"), to fund such reimbursement with proceeds of tax-exempt obligations, the Issuer must declare its expectation to make such reimbursement; and
Whereas, the Issuer desires to preserve its ability to reimburse the capital expenditures with proceeds of tax-exempt obligations.
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of GRAND PRAIRIE, Texas that:
Section 1. The Issuer reasonably expects to reimburse capital expenditures with respect to the Project with proceeds of debt hereafter to be incurred by the Issuer, and that this resolution shall constitute a decl...
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