HomeMy WebLinkAboutResolution No. 2013-025 RESOLUTION 2013-25
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. 1.140-2 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 the Commercial Water Meter
Replacement program consisting of water meter replacements 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$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 81h day of April 2013.
Offered by: Diehm
Seconded by: Williams
Roll Call: Schmitt;Aye, Williams;Aye,
Diehm;Aye, Nawrocki;Nay,
Peterson;Aye, 4 Ayes, I Nay
CITY OF CO MBIA IGHTS
Mayor G y L. Peterson
J�
Torjj Le hA a dt
City Council Secretary