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No. R-92-36 <br />CITY OF FALCON HEIGHTS <br />C O U N C I L R E S O L U T I O N <br />Date: Sept. 9, 1992 <br />A RESOLUTION RELATING TO 1993 STREET IMPROVEMENT PROJECT <br />DECLARING INTENT OF CITY TO REIMBURSE COSTS THEREOF WITH <br />TAX-EXEMPT DEBT <br />BE IT RESOLVED, by the City Council of the City of Falcon <br />Heights, Minnesota, the proposed 1993 street improvement project is as <br />follows: <br />1. The proposed improvement consists of reconstructing the following <br />streets: <br />Falcon Woods <br />Autumn Street from Roselawn to Prior Avenue <br />Prior from Roselawn to Summer Street <br />Summer Street from Moore Avenue to Howell Avenue <br />University Grove <br />Fulham Street from Hoyt Avenue to Folwell Avenue <br />Vincent Street from Hoyt Avenue to Folwell Avenue <br />Northrop Street from Hoyt Avenue to Folwell Avenue <br />Burton Street from Hoyt Avenue to Folwell Avenue <br />Folwell Avenue from Fulham Street to Coffman Street <br />The total estimated cost of the improvement is $405,000. <br />2. Intention to reimburse costs of improvement from proceeds of tax- <br />exempt debt: <br />(1) The city intends to issue general obligation improvement <br />bonds under and pursuant to Minnesota Statutes, Chapter 429 <br />and 475 to finance the costs of the improvement (the <br />"Improvement Bonds"), the interest on which will be <br />excludable from gross income under Section 103 of the <br />Internal Revenue Code of 1986, as amended. All or a portion <br />of the cost of the improvement will be paid by the city <br />prior to the issuance of the Improvement Bonds, and it is the <br />intent of the city to reimburse the costs of the improvement <br />paid by the city prior to the issuance of the Improvement <br />Bonds from the proceeds of the Improvement Bonds. The <br />. reasonably expected source of funds that will be used to pay <br />the costs of the improvement to be reimbursed from the proceeds <br />