HomeMy WebLinkAboutResolution No. 2010-020RESOLUTION 2010-20
DECLARING TIIE OFFICIAL INTENT OF THE CITY OF COLUMBIA HEIGHTS TO
REIMBURSE CERTAIN EXPENDITLfRES
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
COL IA HEIGHTS AS FOLLOWS:
1. The City reasonably intends to make expenditures far Project No. 1002 consisting of
Zane 5 Street Rehabilitation and reasonably intends to reimburse itself far such
expenditures from the proceeds of debt to be issued by the City in one or more series in
the maximum principal amount of $200,000.
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 22°d day of March, 2010. CITY OF COLUMBIA HEIGHTS
Offered by: I~iehm
Seconded by: Kelzenberg
Roll Call: Ayes: Peterson, ~Tilliams, Liehm, Kelzenberg Nays: Nawrocki
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Mayor Gary L. Peterson.
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atricia Muscovitz, MC
City Clerk