HomeMy WebLinkAboutResolution No. 2005-11RESOLUTION NO. 2005-11
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. t 40-2 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 #0404 consisting of
Huset Parkway mhd 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 amount of $1,400,000.
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 14th day of March 2005
CITY OF COLUMBIA HEIGHTS
Offered by: Williams
Seconded by: Kelzenberg
Roll Call: Ayes: Peterson, Williams, Kelzenberg, Ericson
Absent: Nawa'ocki
Attest:
~?atricia Muscovitz, CMC ~
Deputy City Clerk/Council Secr6tary