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HomeMy WebLinkAbout2019-37RESOLUTION NO. 2019-37 A resolution of the City Council for the City of Columbia Heights, Minnesota, WHEREAS, the 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, in accordance with the foregoing, and all ordinances and regulations of the City of Columbia Heights, the City Council of the City of Columbia Heights makes the following: FINDINGS OF FACT 1. The City reasonably intends to make expenditures for Concrete Alley Construction, Project No. 1906, from Washington Street to Jefferson Street, 41St Avenue to 42nd Avenue; Madison Street to Monroe Street, 40th Avenue to 41St Avenue; and Madison Street to Monroe Street, 42nd Avenue to 43rd Avenue; 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 $465,000. 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. ORDER OF COUNCIL Passed this 8th day of April, 2019 Offered by: Murzyn Jr Seconded by: Buesgens Roll Call: All Ayes &411A e.112- Donna K. Schmitt, Mayor Attest: Kell Bourgeois i y Manager