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• No. 98-23 CITY OF FALCON HEIGHTS COUNCIL RESOLUTION Date: August 26, 1998 ------------------------------------------------------- ARESOLUTION RELATING TO THE 1999 STREET IMPROVEMENT PROJECT DECLARING INTENT OF CITY TO REIMBURSE COSTS THEREOF WITH TAX-EXEMPT DEBT BE IT RESOLVED, by the City Council of the City of Falcon Heights, Minnesota, the proposed 1999 street improvement project is as follows: 1. The proposed improvement consists of reconstructing the following streets: Asbury Street, Holton Street, Pascal Street, Simpson Street, and Ruggles Avenue, and portions of Crawford Avenue and Garden Avenue. The total estimated cost of the improvement is 52,000,000.00. • 2. Intention to reimburse costs of im rov p ement from proceeds of tax- exempt debt: (1) The city intends to issue general obligation improvement bonds under and pursuant to Minnesota Statutes, Chapter 429 and 475 to finance the costs of the improvement (the "Improvement Bonds"), the interest on which will be excludable from gross income under Section 103 of the Internal Revenue Code of 1986, as amended. All or a portion of the cost of the improve- ment will be paid by the city prior to the issuance of the 'Improvement Bonds, and it is the intent of the city to reimburse the costs of the improvement paid by the city prior to the issuance of the Improvement Bonds from the proceeds of the Improvement Bonds. The reasonably expected source of funds that will be used to pay the costs of the improvement to be reimbursed from the proceeds of the Improvement Bonds in amounts on hand in the 1999 Street Improvement fund established on the books and records of the city and funded by a transfer from the Infrastructure Capital fund of the city. The reasonably expected source of funds to be used to pay debt service on the Improvement Bonds is special assessments to be levied on property benefited by the improvement, ad valorem taxes to be levied on all taxable property in the city and proceeds of the Improvement Bonds to be used to pay interest on the Improvement Bonds.