HomeMy WebLinkAboutCCRes_91-47No. R-91-47
CITY OF FALCON HEIGHTS
C O U N C I L R E S O L U T I O N
Date 9/11/91
A RESOLUTION RELATING TO 1992 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 1992 Street Improvement
Project is as follows:
1. The proposed improvement consists of reconstructing Autumn
and Summer Streets and North Prior Avenue. The total
estimated cost of the improvement is $126,300.
2. Intention to reimburse costs of improvement from proceeds of
tax-exempt debt:
i 1) The City intends to issue general obligation
improvement bonds under and pursuant to Minnesota
Statues, 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 1992 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.
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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 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 ~~V~ ''t'om--
Mayor
9/1191
Date
1 ,~~ ,~~
YEAS NAYS
BALDWIN ~~ ,•
CIERNIA 4 In Favor Attested by ~..~ ~' '~ ~1~i
GEHRZ Cit Clerk
AbsentWALLIN 0 Against
JACOBS 9/11/91
Date
Adopted by Council 9/11J91
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