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11/10/1997 Council Minutes (2)
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11/10/1997 Council Minutes (2)
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City Council
Council Document Type
Council Minutes
Meeting Date
11/10/1997
Council Meeting Type
Regular
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• <br />Council Member Kuether introduced the following resolution and moved its <br />adoption: <br />CITY OF LINO LAKES <br />RESOLUTION NO. 97-163 <br />RESOLUTION RELATING TO FINANCING OF CERTAIN PROPOSED PROJECTS TO BE <br />UNDERTAKEN BY THE CITY OF LINO LAKES; ESTABLISHING COMPLIANCE WITH <br />REIMBURSEMENT BOND REGULATIONS UNDER THE INTERNAL REVENUE CODE <br />WHEREAS, the City of Lino Lakes is in the practice of constructing certain improvements <br />and in some instances reimbursing itself for the cost of any portion of the improvements with <br />bond proceeds, and <br />WHEREAS, the Internal Revenue Service has issued proposed Treasury Regulations Section <br />1.103-17 (as proposed and/or finally adopted, the "Regulations") dealing with the issuance of <br />bonds where all or a portion of the proceeds are to be used to reimburse the City for any project <br />costs paid by the City prior to the time of the issuance of the bonds, and <br />WHEREAS, the Regulations generally required that the City make a prior declaration of its <br />official intent to reimburse itself for such prior expenditures out of the proceeds of a <br />subsequently issued taxable or tax exempt borrowing, that such declaration generally be made <br />prior to but not more than two years before the time the expenditure is actually paid, that the <br />borrowing occur and the reimbursement allocation be made from the proceeds of such borrowing <br />within one year of the payment of the expenditure or, if longer, within one year of the date the <br />project is placed in service, and the expenditures relate to property having a reasonably expected <br />economic life of at least one year. <br />NOW THEREFORE BE IT RESOLVED by the City Council of the City of Lino Lakes, Anoka <br />County, Minnesota, that: <br />1. Official Intent - The City desires to comply with requirements of the Regulations with <br />respect to certain projects hereinafter identified. <br />a. The City proposed to undertake the following projects: 1) Lake Drive Trunk Utility <br />Project; 2) Lakes Addition Street Reconstruction, which is further described on Exhibit A <br />attached hereto. <br />b. Other than costs to be paid or reimbursed from sources other than a tax-exempt <br />borrowing or costs permitted to be reimbursed pursuant to the transaction provision of <br />section 1.103-17(1) of the Regulations, none of the costs of the foregoing projects as <br />identified on Exhibit A has heretofore been paid by the City and none of the costs will be <br />paid by the City until after the date to this Resolution. Each of the projects and costs <br />related thereto, constitutes property having a useful life of at least one year. <br />• c. The City intends to reimburse itself for the payment of the designated project costs out of <br />the proceeds of a tax exempt bond issue, debt or similar borrowing (the "Bonds") to be <br />
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