HomeMy WebLinkAboutResolution No. 2002-28RESOLUTION NO. 2002-28
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 financed temporarily fi.om 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 number 2002-02,
consisting of Street Rehabilitation and Utility work identified as the Zone 6A Street
Rehabilitation Project, 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 maximum principal amount of $1,375,000.
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.
Passed this 22nd day of April 2002 by the Columbia Heights City Council.
Offered by:
Seconded by:
Roll Call:
Nawrocki
Szurek
Aye: Peterson, Szurek, Wyckoff, Williams, Nawrocki Nay: none
Attest:
~atricia Muscovitz, Deputy City~erk
May~or Gary'. Peter-son -