05-03-14-Resolution-Declaration of Intent to Issue Debt for Water and Wastewater expenses-04/21/2014#R-05-O3-14
DECLARATION OF OFFICIAL INTENT PURSUANT TO
SECTION 1.150-2 OF THE TREASURY REGULATIONS
WHEREAS, the City of Sanger (the "Borrower") intends to finance the capital project
described in Exhibit A hereto (the "Project"); and
WHEREAS, it is anticipated that the Borrower will borrow, on atax-exempt or tax credit
basis, funds (the "Obligations") for the purpose of financing the Project;
NOW, THEREFORE, BE IT:
RESOLVED, that the Borrower intends that expenditures paid from its own funds for the
Project will be reimbursed with proceeds of the Obligations.
RESOLVED, that the maximum principal amount of the Obligations is $6,000,000.00.
RESOLVED, that the expenditures intended to be reimbursed pursuant to this declaration
include capital expenditures for the Project and costs of issuing the Obligations.
RESOLVED, that the reimbursement of expenditures contemplated by this declaration is
consistent with the Borrower's present budgetary and financial circumstances, and no funds of
the Borrower have been reserved, allocated, or otherwise set aside with the specific intent or
expectation of payment of the expenditures intended to be reimbursed with proceeds of the
Obligations pursuant to this declaration. The Borrower is not aware of other, similar declarations
of intent of the Borrower that did not result in the reimbursement of the expenditures described
therein. Based on the foregoing and other circumstances relating to the costs of the Project, the
Borrower reasonably expects that it will reimburse expenditures paid for such Project with the
proceeds of the Obligations.
PASSED AND APPROVED this _ day of , 20_.
City of Sanger
(SEAL)
Mayor
s/j fir ✓''>'-,.City of Sanger
•+,itrantt +••
-2-
EXHIBIT A
DESCRIPTION OF PROPERTY
Item or Fund --Described by
Character, Type or Purpose
Waste Water Treatment Plant Expansion and Refurbishment/
Waste Water Collection System Extension and Rehabilitation
-3-
Amount --Described by
Cost, Quantity or Size
$6,0005000.00