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• <br />• <br />STAFF ORIGINATOR: <br />MEETING DATE: <br />TOPIC: <br />CITY COUNCIL <br />AGENDA ITEM 6Av <br />Michael Grochala <br />January 28, 2013 <br />Consideration of Resolution No. 13 -08, <br />Declare Intent to Bond. Otter Lake <br />Improvement Project <br />VOTE REQUIRED: 3/5 <br />INTRODUCTION <br />Road <br />The improvement project to extend Otter Lake Road is planned to commence in summer of 2013. <br />Staff is requesting council approval to declare the City's intent to bond for the proposed <br />improvements. <br />BACKGROUND <br />The Otter Lake project was initiated by the City Council in May of 2011. The estimated project <br />cost is $732,500. WSB and Associates have completed the preparation of plans and the city has <br />begun the land acquisition process. <br />The project is proposed to be funded by special assessments and financed by the issuance of <br />General Obligation Improvement Bonds. The Internal Revenue Code requires cities to declare <br />their intent to reimburse project costs from bond proceeds prior to encumbering project costs. <br />Preliminary expenditures such as architectural, engineering, surveying, bond issuance, and similar <br />costs are exempt from this provision. <br />This is a non - binding declaration that must take place in order to finance projects in this manner. <br />RECOMMENDATION <br />Staff is recommending adoption of Resolution No. 13 -48. <br />ATTACHMENTS <br />1. Resolution No. 13 -08 <br />