HomeMy WebLinkAboutResolution No. 2008-51RESOLUTION NO.2008-51
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 bands used to reimburse prior expenditures will 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 NEIGH T S AS FOLLOWS:
1. The City reasonably intends to make expenditures for the construction of a public safety
building 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 $12,000,000.
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.
Dates the 10th day of March, 2008.
Offered by: Diehm
Seconded by: Williams
Roll Call: Ayes: Peterson, Williams, Diehm, Kelzenberg Absent: Nawrocki
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Mayor Gary I~'. Pe erson ,
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Patricia Muscovitz CMC
City Clerk