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STAFF ORIGINATOR: <br />MEETING DATE: <br />TOPIC: <br />VOTE REQUIRED: <br />INTRODUCTION <br />CITY COUNCIL <br />AGENDA ITEM 6A <br />Michael Grochala, Community Development Director <br />February 8, 2021 <br />Consideration of Resolution No. 21-06, Declare Intent to <br />Reimburse from Bond Proceeds, 2021 Street Improvement <br />Proj ect <br />3/5 <br />Staff is requesting council approval to declare the City's intent to reimburse itself from bond <br />proceeds for the proposed 2021 Street Improvement Projects. <br />BACKGROUND <br />On October 12, 2020 the City Council authorized the preparation of plans and specifications for <br />the 2021 Street Improvement Project. The project includes street reconstruction and drainage <br />improvements. The estimated project cost authorized in the 2021 — 2024 Street Reconstruction <br />plan is $2,600,000. <br />The projects will be financed by a combination of General Obligation Street Reconstruction Bonds <br />and Municipal State Aid Street proceeds. The Internal Revenue Code requires cities to declare <br />their intent to reimburse project costs incurred prior to receipt of bond proceeds. Preliminary <br />expenditures such as architectural, engineering, surveying, bond issuance, and similar costs are <br />exempt from this provision. The total amount of bonds issued may be less than the authorized <br />limit. <br />Approval of the Intent to Bond resolutions does not obligate the City to issue bonds. <br />RECOMMENDATION <br />Staff is recommending adoption of Resolutions No. 21-06. <br />ATTACHMENTS <br />1. Resolution No. 21-06 <br />