HomeMy WebLinkAboutResolution No. 2003-15RESOLUTION NO. 2003-15
DECLARZNG THE OFFICIAL INTENT OF THE CITY OF COLUMBIA HEIGHTS
TO REIMBURSE CERTAIN EXPENDITURES
FROM THE PROCEEDS OF BONDS TO BE ISSUED BY THE CITY
WHEREAS, Internal Revenue Service has issued Tres. Reg. 1.140-2 providing that
proceeds of tax exempt bond used to reimburse prior expenditures will be not be deemed
spent unless certain requirements are met; and,
WHEREAS, the City of Columbia Heights (the "City") expects to incur certain
expenditures which may be financed temporarily from sources other than bonds, and
reimbursed from the proceeds of a bond;
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
COLUMBIA HEIGHTS AS FOLLOWS:
The City reasonably intends to make expenditures for Project #0302 consisting of
Zone 6B Street Rehabilitation and reasonably intends to reimburse itself for such
expenditures from the proceeds of debt to be issued by the City in one or more
series in the maximum principal mount of $1,100,000.
2. This resolution is intended to constitute a declaration of official intent for
purposes of Tres. Reg. 1.150-2 and any successor law, regulating or ruling.
Dated the 24th day of April, 2003
Offered by:
Seconded by:
Roll Call:
Williams
Ericson
Ayes: Wyckoff, Williams, Nawrocki, Ericson, Kelzenberg
Attest:
P~lricia Muscovitz, CMC /
Deputy City Clerk/Council Secietary
,ulienn~ Wy~k~