My WebLink
|
Help
|
About
|
Sign Out
Home
Search
09-09-2019 Council Packet
LinoLakes
>
City Council
>
City Council Meeting Packets
>
1982-2020
>
2019
>
09-09-2019 Council Packet
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
10/30/2021 1:08:48 PM
Creation date
10/16/2019 3:51:59 PM
Metadata
Fields
Template:
City Council
Council Document Type
Council Packet
Meeting Date
09/09/2019
Council Meeting Type
Regular
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
94
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
CITY COUNCIL <br />AGENDA ITEM 1E <br />STAFF ORIGINATOR: <br />MEETING DATE: <br />TOPIC: <br />Michael Grochala, Community Development Director <br />September 9, 2019 <br />Intent to Bond <br />Consideration of Resolution No. 19-109, Declare Intent to <br />Reimburse from Bond Proceeds, Water Tower No. 3 and Utility <br />Improvements. <br />VOTE REQUIRED: 3/5 <br />INTRODUCTION <br />Staff is requesting council approval to declare the City’s intent to reimburse itself from bond <br />proceeds for the proposed 2019 Water Tower No. 3 Project. <br />BACKGROUND <br />On January 22, 2019 the City Council authorized the preparation of plans and specifications for <br />the Water Tower No. 3 Improvement Project. The project The project includes construction of a <br />new 1.5 million gallon water tower. The estimated project cost is $4,700,000. <br />The project will be financed by Utility Revenue Bonds. The Internal Revenue Code requires <br />cities to declare their intent to reimburse project costs incurred prior to receipt of bond proceeds. <br />Preliminary expenditures such as architectural, engineering, surveying, bond issuance, and <br />similar costs are exempt from this provision. <br />Approval of the Intent to Bond resolutions does not obligate the City issue bonds. <br />RECOMMENDATION <br />Staff is recommending adoption of Resolutions No. 19-109. <br />ATTACHMENTS <br />1.Resolution No. 19-109
The URL can be used to link to this page
Your browser does not support the video tag.