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2014-009 Council Resolution
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2014-009 Council Resolution
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7/13/2015 4:12:02 PM
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7/13/2015 4:06:32 PM
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City Council
Council Document Type
Resolutions
Meeting Date
01/27/2014
Council Meeting Type
Regular
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CITY COUNCIL <br />AGENDA ITEM 6Biii <br />STAFF ORIGINATOR: Michael Grochala <br />MEETING DATE: January 27, 2014 <br />TOPIC: Consideration of Resolution No. 14-09, <br />Declare Intent to Bond. 21St Avenue Improvement <br />Project <br />VOTE REQUIRED: 3/5 <br />INTRODUCTION <br />The improvement project to extend Otter Lake Road is planned to commence in summer of 2014. <br />Staff is requesting council approval to declare the City's intent to bond for the proposed <br />improvements. <br />BACKGROUND <br />The 21st Avenue project was initiated by the City Council in August of 2013. The estimated <br />project cost is $1,316,000. WSB and Associates have completed the preparation of plans and the <br />city is preparing to advertise for bids. <br />Funding for the project will be split between the City of Centerville and the City of Lino Lakes in <br />accordance with the Joint Powers Agreement, dated August 26, 2013. The City's portion of the <br />project is proposed to be funded by special assessments and the trunk utility fund and financed <br />through the issuance of General Obligation Improvement Bonds. The Internal Revenue Code <br />requires cities to declare their intent to reimburse project costs from bond proceeds prior to <br />encumbering project costs. Preliminary expenditures such as architectural, engineering, surveying, <br />bond issuance, and similar 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. 14-09. <br />ATTACHMENTS <br />1. Resolution No. 14-09 <br />
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