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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 r',.. r_ __ ~ .-.:r Mayor Gary L. Peterson. ,~. P,Y.j"..~V atricia Muscovitz, MC City Clerk