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03/23/1992 Council Minutes
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03/23/1992 Council Minutes
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City Council
Council Document Type
Council Minutes
Meeting Date
03/23/1992
Council Meeting Type
Regular
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1 <br />1 <br />or will be used at any time to reimburse any person or entity <br />(other than the City) for expenditures originally paid with the <br />proceeds of a City obligation (excluding a City inter -fund <br />borrowing); unless (i) such amounts are deposited in a bona fide <br />debt service fund or are used to pay debt service in the next one <br />year period on any City obligation other than the reimbursement <br />bond, or (ii) the original issue was not reasonably expected to be <br />used to finance the expenditure. <br />11. No action or inaction by the City with respect to the <br />allocation of bond proceeds to reimbursement of Project <br />expenditures will be an artifice or device to avoid, in whole or in <br />part, arbitrage yield restrictions or arbitrage rebate <br />requirements. <br />12. The procedures described in this resolution shall cease <br />to apply to the extent not required by Tres. Reg. 1.103 -18 or any <br />successor law, regulation, or ruling. <br />Adopted by the City Council of Lino Lakes this 23rd day of March, <br />1992. <br />Vernon F. Reinert - Mayor <br />G. Anderson, Clerk Treasurer <br />The motion for the adoption of the foregoing resolution was duly <br />seconded by Council Member Kuether and upon vote being taken <br />thereon, the following voted in favor thereof: Neal, Kuether, Elliott. <br />The following voted against same: None, Mayor Reinert was absent. <br />Where upon said resolution was declared duly passed and adopted: <br />3 <br />213 <br />
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