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CITY OF FALCON HEIGHTS
COUNCIL RESOLUTION
No. R-94-23
Date: 10/26/94
A RESOLUTION RELATING TO 1995 ALLEY 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 1995 alley project is as follows:
1. The proposed improvement consists of reconstructing the following alleys:
NORTHOME NEIGHBORHOOD ALLEYS
• Between Larpenteur Ave. and California Ave.
- Arona to Pascal
• - Pascal to Albert
• Between California and Idaho
- Arona to Pascal
- Pascal to Albert
• Between Idaho and Iowa
- Pascal to Albert
debt:
The total estimated cost of the improvement is S 143,000.
2. Intention to reimburse costs of improvement from proceeds of tax-exempt
(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 improvement 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 1995 alley
improvement fund established on the books and records of the
city and funded by a transfer from the infrastructure capital fun 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 benefitted 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.
3. Public Inspection:
•
(1) A copy of this resolution shall be maintained by the city clerk and
shall be continuously available for public inspection at the office
of the city clerk in the city hall during normal business hours of
the city on every business day beginning on the earlier often days
after adoption of this resolution or the date of issuance of the
improvement bonds and ending on, and including, the date of
issue of the improvement bonds.
Moved by: Jacobs Approved by: ~
M yor
BALDWIN October 26. 1994
GEHRZ 5 In Favor Date
GIBBON TALBOT
HUSTAD 0 Against Attested by: ~cu Qsa..
JACOBS City Clerk
October 26, 1994
Date
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