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03/22/2004 Council Packet
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03/22/2004 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
03/22/2004
Council Meeting Type
Regular
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• projects and costs related thereto, constitutes property having a useful life of at <br />least one year. <br />• <br />• <br />c. The City intends to reimburse itself for the payment of the designated project <br />costs out of the proceeds of a tax exempt bond issue, debt or similar borrowing <br />(the "Bonds ") to be issued by the City after the date of payment of all or a portion <br />of the costs. Pending the issuance of the Bonds, the City reasonably expects to <br />pay and temporarily finance the costs relating to this project. <br />d. The Bonds are proposed to be issued by the City pursuant to the provisions of <br />Minnesota Statutes, Chapter 475, and other applicable statutory authority. The <br />reasonably expected sources of funds to be used by the City to pay the debt <br />service on the Bonds are special assessments. <br />2. Budgetary Matters - As of the date hereof, there are no City funds reserved or <br />otherwise allocated pursuant to the City's budget (or expected to be reserved or <br />allocated pursuant to the City's budget) to provide permanent financing for the <br />bonding portion of the project costs, other than pursuant to the issuance of the <br />Bonds. Furthermore, there has been no allocation, budgeting, or restriction of <br />moneys (or the adoption of a requirement or policy to reimburse a fund) as part of <br />the City's budgetary process, the primary purpose of which is to prevent moneys <br />from said sources from being available for the permanent financing of the costs of <br />the projects. This resolution, therefore, is determined to be consistent with the <br />City's budgetary and financial circumstances as they exist or are foreseeable on the <br />date hereof, all within the meaning and content of the Regulations. <br />3. Filing - This resolution shall be filed in the publicly available official books, records, <br />or proceedings of the City, which shall be continuously available for inspection by <br />the general public. This resolution shall be available for inspection at City Hall <br />during normal business hours of the City on every business day the period <br />beginning on the earlier of 10 days after the adoption hereof or the date of issuance <br />of the reimbursement bonds and ending on the day after the issuance of such <br />bonds. <br />4. Reimbursement Allocation - The City's financial officer shall be responsible for <br />making the "reimbursement allocations" described in the Regulations, being <br />generally the transfer of the appropriate amount of proceeds of the Bonds to <br />reimburse the source of temporary financing used by the City to make payment of <br />the prior costs of the projects. Each allocation shall be evidenced by an entry on <br />the official books and records of the City maintained for the Bonds, shall specifically <br />identify the actual prior expenditure being reimbursed, and shall be effective to <br />relieve the proceeds of the Bonds from any restriction under the bond resolution or <br />other relevant legal documents for the Bonds, and under any applicable state or <br />federal statute, which would apply to the unspent proceeds of such bond issue. <br />
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