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AGENDA ITEM NO. 7F <br />STAFF ORIGINATOR: David Ahrens, City Engineer/Public Works Director <br />DATE: May 6, 1996 <br />TOPIC: Resolution No. 96 - 48 - Declaration of intent to Bond Various City <br />Projects <br />INTRODUCTION <br />The City of Lino Lakes is required by the Internal Revenue Service to declare its <br />intent to reimburse project costs from bond proceeds prior to enmber ng <br />project costs. City Council action is necessary to adopt the attached resolutron. <br />BACKOROON <br />The City has recently ordered five p that may be financed through,bond <br />proceeds. These projects include: <br />1. Well No. 3 Pumphous#e <br />2. Fourth Avenue Trunk Utilities <br />3. Trapper's Crossing Street and Utility Improvements <br />4. Marshan Condominium Street and Utility Improvements <br />5. Birch Street Trunk Watennain <br />T e City n»t declare its intent that thy► City may finance tip prof with <br />be l pre s. This is non-binding declaration that must be done jn order to <br />f nanc:e p in this manner. Exhibit A of the Resolution no the amount for <br />of the abate projects. If the attached resolution is not adopted, the City will <br />be require i to find aft emate methods of financing these projects. <br />OPT�� <br />1. Not adopt Resolution No. 96 - 48 <br />2. Adopt Resolution No. 96 - 46 declaring the City's intent to' finance pr'y <br />through bond proceeds. <br />IAATION; <br />emends that resolution No. 96 - be adopted. <br />