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No. 98-23
CITY OF FALCON HEIGHTS
COUNCIL RESOLUTION
Date: August 26, 1998
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ARESOLUTION RELATING TO THE 1999 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 1999 street improvement project is as follows:
1. The proposed improvement consists of reconstructing the following
streets: Asbury Street, Holton Street, Pascal Street, Simpson Street,
and Ruggles Avenue, and portions of Crawford Avenue and Garden
Avenue.
The total estimated cost of the improvement is 52,000,000.00.
• 2. Intention to reimburse costs of im rov
p ement 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 improve-
ment 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 1999 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 benefited 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 Ins ection:
P
(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.
Moved by: Hustad Approved by:
Acting Mayor
August 26, 1998
GEHRZ (absent) 4 In Favor Date
GIBBON TALBOT
HUSTAD 0 Against Attested by:
JACOBS City Clerk
KUETTEL August 26, 1998
• Date