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HomeMy WebLinkAboutResolution No. 2007-008 RESOLUTION NO. 2007-08 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 FOR A MUNICIPAL LIQUOR STORE ON 37TH AVENUE 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 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: 1. The City reasonably intends to make expenditures for the purchase of land and other expenses associated with the construction of a municipal liquor store on 3 7th Avenue 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 amount of $2,000,000. 2. This resolution is intended to constitute a declaration of official intent for purposes of Tres. Reg.1.50-2 and any successor law, regulating or ruling. Dated the 8th day of January 2007 CITY OF COLUMBIA HEIGHTS Offered by: Seconded by: Roll Call: Kelzenberg Williams Aye: Peterson, Williams, Nawrocki, Kelzenberg Absent: Diehm Attest: i--\ Ij ~:v\ ' /\ , .~,," , ~~~M~~Vitz, CM~['~ Deputy City Clerk/Council Secretary