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HomeMy WebLinkAboutResolution No. 2007-046RESOLUTION N0.2007-46 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. 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: The City reasonably intends to make expenditures for Project #0702 consisting of Zones 2 and 3 Street Rehabilitation 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 $1,500,000. 2. This resolution is intended to constitute a declaration of official intent for purposes of Tres. Reg. 1.150-2 and any successor law, regulating or ruling. Dated the 26`" day of March 2007 Offered by: Diehm Seconded bv: Kelzenber~ Roll Call: ~ Ayes: Peterson, Williams, Nawrocki, Di~,hm, Kelzeiberg'` :, i s ,, ~ ~ ~_._.. _ _ ayor G ry L. Peterson Muscovitz CMC Deputy City Clerk/Cotuzcrl Secretary