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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