HomeMy WebLinkAboutResolution No. 2007-007
RESOLUTION NO. 2007-07
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 CENTRAL 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 Central 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
$3,000,000.
2. This resolution is intended to constitute a declaration of official intent for purposes of
Tres. Reg.l.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:
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(Patricia Muscovitz, CMC r::-/
. Deputy City Clerk/Council Secretary