HomeMy WebLinkAboutResolution No. 2009-34RESOLUTION N0.2009-34
DECLARING THE OFFICIAL INTENT OF THE CITY OF COLUIViBIA HEIGHTS TO
REIlVIBURSE 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:
1. The City reasonably intends to make expenditures for Project #0902 consisting of Zone 4
Street Rehabilitation and Alley Reconstruction 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 $650,000.
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 9th day of March, 2009
Offered by: Diehm
Seconded by: Nawrocki
Roll Call: Ayes: Peterson, Williams, Nawrocki, Diehm, Kelzenberg
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Mayor Gary L. ~'eterson
'~~atricia Muscovitz, CMC
City Clerk