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Meeting Date: 1/13/92 <br /> Agenda Item: P -2 <br /> CITY OF FALCON HEIGHTS <br /> REQUEST FOR COUNCIL CONSIDERATION <br /> ITEM DESCRIPTION: Resolution of intent to reimburse costs of the <br /> proposed Larpenteur Avenue project from general <br /> obligation bonds <br /> SUBMITTED BY: Susan Hoyt, City Administrator <br /> REVIEWED BY: Steve Apfelbacher, Financial Consultant <br /> EXPLANATION /SUMMARY: The federal government adopted regulations <br /> that require cities to declare their intent to reimburse <br /> expenditures from tax exempt debt sold after March 2, 1992. This <br /> is applicable to such project costs as engineering or any capital <br /> project cost that the city may later issue debt to cover the <br /> cost. <br /> The city plans to participate in the reconstruction of <br /> Larpenteur Avenue with Ramsey County in 1994, which may involve <br /> issuing general obligation bonds. It is necessary to declare the <br /> city's intent to reimburse the cost of the improvements from <br /> these bonds, if issued, in order to pay for project costs that <br /> precede the project out of the tax exempt bonds, specifically <br /> engineering costs that are currently being accrued. <br /> The city will determine the most cost effective way to fund this <br /> project as it gets closer to implementation in 1994. <br /> Making this declaration at this time does not require the city to <br /> proceed with the project nor to issue general obligation bonds to <br /> cover the project cost. <br /> ATTACHMENTS: <br /> A. Resolution R -93 -3 <br /> ACTION REQUESTED: Adopt Resolution R -93- 3 regarding the <br /> intent to reimburse the city share of the Larpenteur Avenue <br /> reconstruction costs. <br />