2003-153 Council Resolution - Laserfiche WebLink

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STATE OF MINNESOTA CITY OF LINO LAKES RESOLUTION NO. 03-153 CALLING FOR AN ELECTION RELATING TO THE ISSUANCE OF GENERAL OBLIGATION BONDS AND DECLARATION OF OFFICIAL INTENT TO REIMBURSE CERTAIN EXPENDITURES FROM PROCEEDS OF INDEBTEDNESS WHEREAS, The City Council (the "Council") of the City of Lino Lakes, Minnesota (the "City") has determined it is in the best interest of the City to issue general obligation bonds (the "Bonds") in order to finance the improvement and reconstruction of certain streets in conformance with the City's adopted Capital Improvement Program for 2004 and 2005 ("Proj ect"); and, WHEREAS, The City intends to pay for 11% of the cost of the Project through special assessments levied against benefited properties abutting the improvements, in accordance with standard City assessment policies; and, WHEREAS, Pursuant to the City Charter and Minnesota Statutes, Chapter 475, as amended, before issuing any of the Bonds, the City must obtain approval from a majority of the electors voting on the questions of issuing such Bonds; and WHEREAS, Pursuant to Minnesota Statutes, Chapter 205, as amended ("Chapter 205"), the City may call an election for the purpose of voting on these matters; and WHEREAS, The City expects to pay certain expenditures (the "Reimbursement Expenditures") in connection with the election and Projects prior to the issuance of any Bonds, and that proceeds of the Bonds will be used to reimburse the Reimbursement Expenditures; and, WHEREAS, The City reasonably expects that debt obligations in an amount not expected to exceed $3,615,000 will be issued for the Project; and, WHEREAS, Section 1.150-2 of the Treasury Regulations requires the City to declare its reasonable intent to reimburse prior expenditures for the Projects with proceeds of a subsequent borrowing. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LINO LAKES, MINNESOTA AS FOLLOWS: 1. The Council proposes to issue the Bonds in the aggregate principal amount not to exceed $3,615,000 to finance costs of the Project, and to pay 89% of the cost of the Project through a tax levy against all taxable property in the City and the balance of the cost through special assessments against benefited properties. 1