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HomeMy WebLinkAboutResolution No. 2005-10 RESOLUTION NO. 2005-10 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 expenditm'es 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 #0502 consisting of Zone 7B Street Rehabilitation and reasonably intends to reimburse itself for such expenditures fi'om the proceeds of debt to be issued by the City in one or more series in the maxilnmn principal amotmt of $1,500,000. 2. This resolution is intended to constitute a declaration of official intent for purposes of Tres. Reg. 1.150-2 mad any successor law, regulating or ruling. Dated the 14th day of March, 2005 CITY OF COLUMBIA HEIGHTS Offered by: Seconded by: Roll Call: Williams Kelzenberg Aye: Peterson, Williams, Ericson, Kelzenberg Absent: NawTocki '-Mayor Gary L. Peterson Attest: ( ~Patricia M~scov' \ Deputy City Clerk/Council Secretary