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AGENDA ITEM 6F <br />STAFF ORIGINATOR: David Ahrens, City Engineer /Public Works Director <br />DATE: April 27, 1998 <br />TOPIC: Resolution No. 98 - 63 Declaration of Intent to Bond, Lilac Street <br />Trunk Utility Project <br />INTRODUCTION: <br />The City of Lino Lakes is required by the Internal Revenue Service to declare its <br />intent to reimburse project costs from bond proceeds prior to encumbering <br />project costs. City Council action is necessary to adopt the attached resolution <br />declaring the City's intent to finance the Lilac Street Trunk Utility Project with <br />bonds. <br />BACKGROUND: <br />The City must declare its intent that the City may finance this project with bond <br />proceeds. This is a non - binding declaration that must be done in order to <br />finance projects in this manner. Exhibit A of the Resolution notes the amount to <br />be bonded and is consistent with the amount of the referendum. If the attached <br />resolution is not adopted, the City will be required to find alternate methods to <br />finance this project. <br />OPTIONS: <br />1. Not adopt Resolution No. 98 - 63 <br />2. Adopt Resolution No. 98 - 63 declaring the City's intent to finance this project <br />through bond proceeds. <br />RECOMMENDATION: <br />Staff recommends that resolution No. 98 63 be adopted. <br />