HomeMy WebLinkAboutResolution 2000-48RESOLUTION NO. 200048
DECLARING THE OFFICIAL INTENT OF THE CITY OF
COLUMBIA !~IGHTS 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 bonds used to reimburse prior expenditures will not be deemed spent unless certain
WHEREAS, the City of Columbia Heights (the "City") expects to incur certain expenditures
which my 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 a pwject consisting of
Street Rehabilitation and Utility work identified as the Zone 4 Street
Rehabilitation Project, and 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 mount of $ 805,000.
This resolution is intended to constitute a declaration of official intent for
purposes ofTres. Reg. 1.150-2 and any successor law, regulation, or ruling.
Dated this 22nd day of May, 2000.
Offered by: Jolly
Seconded by: Hunter
Roll Call: All ayes