HomeMy WebLinkAboutResolution No. 2008-195RESOLUTION N0.2008-195
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. 1.150-2 providing that proceeds of
tax exempt bonds 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 HEIGHTS AS FOLLOWS:
1. The City reasonably intends to make expenditures for energy management and energy
related capital services at John P. Murzyn Hall 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 $1,000,000.
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.
Passed this 25t" day of August, 2008.
Offered by: Williams
Seconded bv: Kelzenber~
Roll Call
Ayes: Peterson, Williams, Nawrocki. Diehm. Kelzenber~
,r atricia Muscovitz CMC ,.----.~!
City Clerk `~