Laserfiche WebLink
AGENDA ITEM 10B <br />STAFF ORIGINATOR: David Ahrens, City Engineer/Public Works Director <br />DATE: November 21, 1996 <br />TOPIC: Resolution No. 96 -150 - Declaration of Intent to Bond, 35W/TH 49 <br />Interchange Commercial Development Area Trunk Utilities. <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 35W/TH 49 Interchange Commercial <br />Development Area Trunk Utilities 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. 96 150. <br />2. Adopt Resolution No. 96 - 150 declaring the City's intent to finance this <br />project through bond proceeds. <br />RECOMMENWION: <br />Staff recommends that resolution No. 96 -150 be adopted. <br />