HomeMy WebLinkAboutResolution No. 2004-17RESOLUTION NO. 2004-17
DECLARING 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 f'manced temporarily from sources other than bonds, and
rehnbursed 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 #0402 consisting of
Zone 7 Street Rehabilitation and reasonably intends to reh2burse itself for such
expenditures from the proceeds of debt to be issued by the City in one or more
series in the maximum principal amount of $1,100,000.
2. This resolution is intended to constitute a declaration of official intent for
proposes of Tres. Reg. 1.150-2 and any successor law, regulating or ruling.
Dated the 12th day of April, 2004
Offered by: Nawrocki
Seconded by: Williams
Roll Call: Ayes: Wyckoff, Williams, Nawrocki, Ericson, Kelzenberg
Nay: None
Attest:
~P~atricia Muscovitz, CMC ~
Deputy City Clerk/Council Secretm'y
~ May°rJuiienne~Wyc~~ff ~