HomeMy WebLinkAboutResolution No. 2013-023 RESOLUTION 2013-23
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
FOR CONCRETE STREET REHABILITATION PROGRAM,
CITY PROJECT 1302
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:
I. The City reasonably intends to make expenditures for Project No. 1302 consisting of
Concrete Street Rehabilitation 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 $320,000.
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 11th day of March 2013.
Offered by: Diehm CIT F C UMBIA EIGHTS
Seconded by: Williams
Roll Call: All ayes J
yo Gary L. Peterson
Tori Leo� ardt
City Clerk/Council Secretary