From
Cheryl Davenport
Title
Resolution declaring expectation to reimburse expenditures with proceeds of future debt for removal of solar panels and replacement of the main library roof
Presenter
Cheryl Davenport, Treasurer
Recommended Action
Approve
Analysis
This resolution provides the mechanism to issue bonds in FY 2016-2017 to reimburse expenditures incurred in the current fiscal year for removal of solar panels and replacement of the roof at the Main Library. The next council communication discusses the necessity of removing the solar panels and replacing the roof. This project is budgeted in the FY 2016/2017 Proposed Capital Improvement Projects Budget.
Financial Consideration
Funding is available in the Capital Reserve Fund (402590) for a total amount not to exceed $710,000 which includes costs of issuance.
Body
A RESOLUTION DECLARING EXPECTATION TO REIMBURSE EXPENDITURES WITH PROCEEDS OF FUTURE DEBT (IMPROVING, REPAIRING AND EQUIPPING LIBRARY FACILITIES)
WHEREAS, the City of Grand Prairie, Texas (the “Issuer”) intends to issue debt for improving, repairing and equipping library facilities (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 maximu...
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