Laserfiche WebLink
STAFF ORIGINATOR: <br />CITY COUNCIL <br />MEETING DATE: <br />AGENDA ITEM 6C <br />Michael Grochala <br />February 12, 2007 <br />TOPIC: Consideration of Resolution No. 07 -28, <br />Declare Intent to Bond. 35W /Lake Drive <br />Improvement Project <br />VOTE REQUIRED: 3/5 - simple majority <br />BACKGROUND: <br />Reconstruction of the 35W /Lake Drive Interchange is planned to commence in the <br />spring of 2007. The total estimated project cost is approximately $10,300,000. <br />Funding for the project is being shared by the City of Lino Lakes, County of Anoka and <br />• the Minnesota Department of Transportation. The project will, in part, be financed by <br />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. 07 -28. <br />ATTACHMENTS <br />1. Resolution No. 07 -28 <br />• <br />