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• <br />• <br />STAFF ORIGINATOR: <br />CITY COUNCIL <br />MEETING DATE: <br />AGENDA ITEM IE <br />Michael Grochala <br />November 8, 2004 <br />TOPIC: Resolution No. 04 -171, <br />Declare Intent to Bond. Legacy at Woods Edge <br />VOTE REQUIRED: 3/5 - simple majority <br />BACKGROUND: <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 />The City Council approved Resolution No. 04 -42 Declaring the City's Intent to Bond for <br />the Legacy at Woods Edge Improvements in March of 2004. However, due to changes <br />in the regulatory citations governing such requirements the City's bond consul has <br />recommended adopting a new updated resolution. <br />RECOMMENDATION <br />Staff is recommending adoption of Resolution No. 04 -171 <br />ATTACHMENTS <br />1. Resolution No. 04 -171 <br />