HomeMy WebLinkAboutResolution No. 2002-29RESOLUTION NO. 2002-29
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 fi.om 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(s) t999-12 and
1999-12A, consisting of Trunk Highway Rehabilitation, Utility and Streetscaping
work identified as the Central Avenue 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
$3,875,000.
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, Nawroc~/~: none
- M~Y°r~a~ L. Peterson
Attest:
~atricia Muscovitz, Deputy City~erk