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AGENDA ITEM 7D <br />STAFF ORIGINATOR: David Ahrens, City Engineer/Public Works Director <br />DATE: 12/12/96 <br />TOPIC: Resolution No. 96-170 - Declaration of Intent to Bond, Otter Lake <br />Service Road Street and Utility Project. <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 encumbering <br />project costs. City Council action is necessary to adopt the attached resolution. <br />BACKGROUND: <br />The City has recently ordered the Otter Lake Service Road Street and Utility <br />Project that may be financed through bond proceeds. <br />The City must declare its intent that the City may finance these projects with <br />bond proceeds. This is a non-binding declaration that must be done in order to <br />finance projects in this manner. Exhibit A of the Resolution notes the amount to <br />be bonded. If the attached resolution is not adopted, the City will be required to <br />find alternate methods to finance this project. <br />OPTIONS: <br />1. Not adopt Resolution No. 96-170. <br />2. Adopt Resolution No. 96-170 declaring the City's intent to finance this project <br />through bond proceeds. <br />RECOMMENDATION: <br />Staff recommends that resolution No. 96-170 be adopted. <br />