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• <br />STAFF ORIGINATOR: <br />CITY COUNCIL <br />MEETING DATE: <br />AGENDA ITEM 7B (iii.) <br />Michael .Grochala <br />March 22, 2004 <br />TOPIC: Resolution No. 04-42, <br />Declare 'Intent to Bond. Legacy at Woods <br />Edge <br />VOTE REQUIRED: 3/5 - simple majority <br />BACKGROUND: <br />The City Council is considering authorizing preparation of a report on improvements for <br />the proposed Legacy at Woods Edge. It is possible that the proposed public <br />improvements will be financed from bond proceeds. <br />The Internal Revenue Code requires Cities to declare its intent to reimburse project <br />costs from bond proceeds prior to encumbering project costs. This is a non - binding <br />declaration that must take place in order to finance projects in this manner. <br />RECOMMENDATION <br />Staff is recommending adoption of Resolution No. 04-42 <br />ATTACHMENTS <br />1. Resolution No. 04-42 <br />