From
Gary Yakesch
Title
Resolution declaring expectation to reimburse expenditures with proceeds from the issuance of future debt for municipal parks facilities and improvements
Presenter
Cheryl De Leon, Director Of Parks, Arts, & Recreation
Recommended Action
Approve
Analysis
This resolution provides the mechanism to issue bonds in FY 2019-2020 to reimburse expenditures incurred in the current fiscal year to expend items related to the proposed Capital Improvement Program (CIP) for Sanitary Sewer and Electrical Improvements for Loyd Park.
Financial Consideration
Funding for reimbursement will occur when debt is issued and funds delivered approximately August 2019.
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, DECLARING EXPECTATION TO REIMBURSE EXPENDITURES WITH PROCEEDS OF FUTURE DEBT
Whereas, the City of Grand Prairie, Texas (the “Issuer”) intends to issue debt for parks facilities and improvements as well as other city authorized projects (the "Project"); and
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:
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 declaration of official intent under the Regulation. The maximum principal amount of obligations expected to be issued for the Project is $2,600,000.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, August 6, 2019.