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ADDENDUM <br /> POLICY POLICY POLICY POLICY POLICY POLICY POLICY POLICY <br /> Meeting Date: 10/26/94 <br /> Agenda Item: P 5 <br /> CITY OF FALCON HEIGHTS <br /> REQUEST FOR COUNCIL CONSIDERATION <br /> ITEM DESCRIPTION: Proposed resolution relating to the 1995 alley improvement <br /> project declaring intent of city to reimburse costs thereof <br /> with tax exempt debt <br /> SUBMITTED BY: Susan Hoyt, City Administrator <br /> REVIEWED BY: Steve Apfelbacher, Financial Advisor <br /> EXPLANATION /SUMMARY: <br /> If the city proceeds with the alley improvement project for 1995, staff recommends <br /> adopting a resolution declaring the city's intent to reimburse the costs with tax <br /> exempt debt (general obligation bonds). <br /> The purpose for making this declaration is to provide the city with the opportunity to <br /> sell bonds to finance this work, if it becomes financially prudent to do so. Given the <br /> costs of issuing the debt, it may not be prudent to use general obligation bonds for <br /> the alley reconstruction program, but it may be possible to combine this as part of a <br /> bond issue for reconstructing Larpenteur Avenue. <br /> Under any circumstances, in order to pay for engineering services associated with the <br /> project with tax exempt debt, the city must declare its intent to do so prior to <br /> incurring these expenses. <br /> The declaration is not binding for the city. <br /> ATTTACHMENT: <br /> A Resolution relating to 1995 alley improvement project declaring the intent of the <br /> city to reimburse costs thereof with tax exempt bonds <br /> ACTION REQUESTED: <br /> Adopt resolution declaring the city's intent to reimburse expenditures for the 1995 <br /> alley improvement project from tax exempt debt. <br /> PCBL i ;..:4 P; W] <br /> t#�1� P!�..�G11< POL�OY::::: �'OL� <br />