HomeMy WebLinkAboutResolution 98-40RESOLUTION No. 98- .~o
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. Peg. 1.140-2 providing that proceeds of
tax exempt bonds used to reimburse prior expenditures will not be deemed spent unless certain
requirements are met; and,
WHERBAS, the City of Columbia Heights (the "City") expects to incur cenah expenditures
wMch 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 a project consisting of
Street Rehabilitation and Utility work identified as the Zone 3 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 orS1,150,000.
,
This resolution is intended to constitute a declaration of official intent for purpsoes
of Tres. Re8. 1.150-2 and any successor law, regulation, or ruling.
Dated this 23rd Day of March ,1998
Offered by: Ruett imann
Seconded by: Sturdevant
Roll Call: A] ] ayes
~o-Le Stude~tt'~n~, Councilt(fJ~'~S~/retary
CERTIFICATION
State of Minnesota
County of Anoka
City of Columbia Heights
i hereby certify that the foregoing Resolution is a true and correct copy of a resolution presented
to and adopted by the City Council of Columbia Heights at a meeting thereof held in the City of
Columbia Heights, Minnesota, on the 23rd day of March, as disclosed by the records of said City
in my possession.
Deputy City Clerk