HomeMy WebLinkAboutCCRes_93-03No. R-93-3
CITY OF FALCON HEIGHTS
C O U N C I L R E S O L O T I O N
Date: Jan. 13, 1993
A RESOLUTION RELATING TO THE CITY SHARE OF THE
LARPENTEUR AVENUE RECONSTRUCTION PROJECT BY
RAMSEY COUNTY 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 City of Falcon Heights portion of the Ramsey County
Larpenteur Avenue reconstruction project is as follows:
1. The proposed improvement consists of reconstructing Larpenteur Avenue
east of Fulham Street and west of Hamline Avenue in the City of
Falcon Heights.
The total estimated cost of the improvement is $500,000.
2. Intention to reimburse costs of improvement 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 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
1993 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 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 of ten 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.
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Moved by Ciernia Approved by ~7~' '~ '(,,~
ayor
BALDWIN Jan. 13, 1993
CIERNIA 4 In Favor Date
GEHRZ
x
JACOBS 0 Against /~
GIBBON TALBOT (Absent) ~/
Attested by
C' y Clerk
• Jan. 13, 1993
Date
•