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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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Resolution 97-163 <br />Page 2 <br />issued by the City after the date of payment of all or a portion of the costs. Pending the <br />issuance of the Bonds, the City reasonably expects to pay and temporarily finance the <br />costs from the following source of sources of funds identified on Exhibit A. <br />d. The Bonds are proposed to be issued by the City pursuant to the provisions of Minnesota <br />Statutes, Chapter 475, and other applicable statutory authority. The reasonably expected <br />sources of funds to be used by the City to pay the debt service on the Bonds are identified <br />on Exhibit A. <br />2. Budgetary Matters - As of the date hereof, there are no City funds reserved or otherwise <br />allocated pursuant to the City's budget (or expected to be reserved or allocated pursuant to <br />the City's budget) to provide permanent financing for the bonding portion of the project <br />costs, other than pursuant to the issuance of the Bonds. Furthermore, there has been no <br />allocation, budgeting, or restriction of moneys (or the adoption of a requirement or policy to <br />reimburse a fund) as part of the City's budgetary process, the primary purpose of which is to <br />prevent moneys from said sources from being available for the permanent financing of the <br />cots of the projects. This resolution, therefore, is determined to be consistent with the City's <br />budgetary and financial circumstances as they exist or are foreseeable on the date hereof, all <br />within the meaning and content of the Regulations. <br />3. Filing - This resolution shall be filed in the publicly available official books, records, or <br />proceedings of the City, which shall be continuously available for inspection by the general <br />public. This resolution shall be available for inspection at City Hall during normal business <br />hours of the City on every business day the period beginning on the earlier of 10 days after <br />the adoption hereof or the date of issuance of the reimbursement bonds and ending on the day <br />after the issuance of such bonds. <br />4. Reimbursement Allocation - The City's financial officer shall be responsible for making the <br />"reimbursement allocations" described in the Regulations, being generally the transfer of the <br />appropriate amount of proceeds of the Bonds to reimburse the source of temporary financing <br />used by the City to make payment of the prior costs of the projects. Each allocation shall be <br />evidenced by an entry on the official books and records of the City maintained for the Bonds, <br />shall specifically identify the actual prior expenditure being reimbursed, and shall be <br />effective to relieve the proceeds of the Bonds from any restriction under the bond resolution <br />or other relevant legal documents for the Bonds, and under any applicable state or federal <br />statute, which would apply to the unspent proceeds of such bond issue. <br />• <br />• <br />• <br />
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