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• <br />STAFF ORIGINATOR: <br />MEETING DATE: <br />TOPIC: <br />CITY COUNCIL <br />AGENDA ITEM 6C <br />Michael Grochala <br />February 27, 2012 <br />Consideration of Resolution No. 12 -21, <br />Declare Intent to Bond. 2012 Intersection <br />Improvements <br />VOTE REQUIRED: 3/5 <br />INTRODUCTION: <br />Signal <br />The installation of traffic signals and associated improvements to the Lake /Main and Birch/Ware <br />street intersections is planned to commence in summer of 2012. The Internal Revenue Code <br />requires cities to declare their intent to reimburse project costs from bond proceeds prior to <br />encumbering project costs. This is a non - binding declaration that must take place in order to <br />finance projects in this manner. <br />BACKGROUND: <br />In November of 2010 City residents approved the ballot question supporting these improvements. <br />The estimated total project cost is approximately $2,593,000. Funding for the project is being <br />shared by the City of Lino Lakes, and the County of Anoka. The City's estimated share of the <br />project, $1,840,000, will be financed by bond proceeds. <br />RECOMMENDATION <br />Staff is recommending adoption of Resolution No. 12 -21. <br />ATTACHMENTS <br />1. Resolution No. 12 -21 <br />• <br />