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HomeMy WebLinkAbout2015-14RESOLUTION 2015 -14 DECLARING THE OFFICIAL INTENT OF OF i ; REIMBURSE CERTAIN EXPENDITURES .,i THE PROCEEDS OF BONDS i 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 i RESOLVED BY THE CITY COUNCIL OF OF COLUMBIA i i 1. The City reasonably intends to make expenditures for Project No. 1502 consisting of Zone 1 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 $400,000. 2. The City reasonably intends to make expenditures for Project No. 1505 consisting of State Aid 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 $150,000. 3. 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 9th day of February 2015 Offered by: Williams Seconded by: Schmitt CITY OF C� r, UMBIA HEIGHTS Roll Call: Ayes: Mayor Peterson, B Councilmembers Williams, Schmitt and ]� Murzyn, Jr. Mayor Gary L. Peterson Nay: Councilmember Nawrocki AX�L&tw - Katie Bruno City Clerk