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Title
Reimbursement Resolution for a future donation from Sports Corp for the EPIC PlayGrand Adventure playground at Grand Central Park
Presenter
Tom Cox, Deputy City Manager
Recommended Action
Approve
Analysis
This resolution provides the mechanism to reimburse all expenditures funded by available reserves.
Financial Consideration
Funding is available in the Capital Lending and Reserve Fund for a total not to exceed of $90,953.00
Body
A RESOLUTION DECLARING EXPECTATION TO REIMBURSE EXPENDITURES WITH PROCEEDS OF DONATION FROM SPORTS CORP FOR EXPENSES RELATED TO THE EPIC PLAYGRAND ADVENTURE PLAYGROUND AT GRANDCENTRAL PARK
WHEREAS, the City of Grand Prairie, Texas (the “Issuer”) intends to issue debt for expenses related to the EPIC PlayGrand Adventure playground at Grand Central Park for the Issuer (the “Project”) and further intends to make certain capital expenditures with respect to the Project and currently desires and expects 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 ISSUER 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 $2,000,000.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, ON THIS THE 2ND DAY OF AUGUST, 2016.