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AGENDA ITEM 38 <br />STAFF ORIGINATOR: Mary M. Vaske <br />DATE: May 6, 1998 <br />TOPIC: Resolution declaring intent to bond for City Hall, Police Station <br />and Early Childhood Leaming Center and land for an athletic <br />complex. <br />The City of Lino Lakes is required by the Internal Revenue Service to declare it's intent to <br />reimburse project costs from bond proceeds prior to encumbering project costs. This is a non- <br />binding declaration that must be done in order to finance projects that will be paid for with <br />bonds. Exhibit A notes the amount to be potentially bonded. <br />1. Approve Resolution 98-66 which declares the City's intent to bond for the City Hall, <br />Police Station, Early Childhood Learning Center and land for an athletic complex. <br />2. Disapprove resolution 98 -66 and determine alternative methods to pay for the project. <br />Option 1 - <br />