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CITY COUNCIL <br />AGENDA ITEM 6 A v <br /> <br />STAFF ORIGINATOR: Michael Grochala <br /> <br />MEETING DATE: January 28, 2013 <br /> <br />TOPIC: Consideration of Resolution No. 13 -08 , <br />Declare Intent to Bond. Otter Lake Road <br />Improvement Project <br /> <br />VOTE REQUIRED: 3/5 <br /> <br />INTRODUCTION <br /> <br />The improvement project to extend Otter Lake Road is planned to commence in summer of 201 3 . <br />Staff is requesting council approval to declare the City’s intent to bond for the proposed <br />improvements. <br /> <br />BACKGROUND <br /> <br />The Otter Lake project was initiated by the C ity Council in May of 2011. The estimated project <br />cost is $732,500 . WSB and Associates have completed the preparation of plans and the city has <br />begun the land acquisition process. <br /> <br />The project is proposed to be funded by special assessments and finance d by the issuance of <br />General Obligation Improvement Bonds. The Internal Revenue Code requires c ities to declare <br />their intent to reimburse project costs from bond proceeds prior to encumbering project costs. <br />P reliminary expenditures such as architectural, engineering, surveying, bond issuance, and similar <br />costs are exempt from this provision . <br />This is a non -binding declaration that must take place in order to finance projects in this manner. <br /> <br />RECOMMENDATION <br /> <br />Staff is recommending adoption of Resolution N o. 13 -08 . <br /> <br />ATTACHMENTS <br /> <br />1. Resolution No. 13 -08