Res 183-96 12/3/1996RESOLUTION NO. l e-q-6
RESOLUTION EXPRESSING OFFICIAL INTENT TO
REIMBURSE COST OF VARIOUS CITY PROJECTS
FROM PROCEEDS OF DEBT ISSUES.
WHEREAS, the City of Wichita Falls, Texas (the "Issuer"), is a home rule
municipality and a political subdivision of the State of Texas,
WHEREAS, the Issuer expects to pay expenditures in connection with the design,
planning, acquisition and construction of certain projects and paying professional fees and
expenses in connection therewith, as described in Attachment A hereto (collectively, the
Project") to be financed through the issuance of certificates of obligation, tax anticipation
notes or other long-term obligations (the "Obligations") of the City proposed to be issued by
the City in 1997, and certain of the expenditures may be incurred prior to the issuance of
the Obligation to finance the Project.
WHEREAS, the Issuer finds, considers, and declares that the reimbursement of the
Issuer for the payment of such expenditures from proceeds of the Obligations will be
appropriate and consistent with the lawful objectives of the Issuer 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 or times as it issues
Obligations to finance the Project.
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE ISSUER THAT:
Section 1. The Issuer reasonably expects to incur debt, as one or more series of
Obligations, with an aggregate maximum principal amount equal to $8,000,000 for the
purpose of paying the costs of the Project. The proposed Project and Obligations are
described on Attachment A hereto.
Section 2. All costs to be reimbursed pursuant hereto will be capital
expenditures. No tax-exempt obligations will be issued by the Issuer in furtherance of this
Resolution 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.
Section 3. The foregoing notwithstanding, no tax-exempt obligation will be
issued pursuant to this Resolution more than three years after the date any expenditure
which is to be reimbursed is paid.
PASSED AND APPROVED this the day of December, 1996.
ig i G
MA OR /
ATTEST:
11 , 1 a_I111:4_
CIT LERK
Attachment A
Description of Projects and Obligations
Uses of Proceeds Amount of Proceeds Type of Obligation
Library Project 2,000,000 Tax Anticipation Notes
Fire Station Relocation 1,700,000 Certificates of Obligation
Emergency Warning Sirens 550,000 Certificates of Obligation
Police/Fire Training Facilities 3,750,000 Certificates of Obligation