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STAFF ORIGINATOR: <br />MEETING DATE: <br />TOPIC: <br />VO IE REQUIRED: <br />INTRODUCTION <br />CITY COUNCIL <br />AGENDA ITEM 1D <br />Al Rolek <br />March 9, 2015 <br />Consider Resolution 15-23 Declaring the Official Intent of the City <br />Of Lino Lakes to Reimburse Certain Expenditures from the <br />Proceeds of Bonds to be Issued by the City <br />3/5 <br />Staff is seeking City Council approval on Resolution 15-23 declaring the official intent of the <br />City of Lino Lakes to reimburse certain expenditures from the proceeds of bonds to be issued <br />by the city. <br />BACKGROUND <br />On February 9, 2015 the City Council approved the purchase of two engine/pumper trucks <br />from the City of Woodbury at a total cost of $30,000.00. The Council also approved the <br />purchase of loose equipment for each engine/pumper at a total cost of approximately <br />$196,620.00. The total amount of equipment purchases will be approximately $226,620.00. <br />The City intends to pay for this equipment and future equipment purchases through the <br />issuance of certificates of indebtedness. However, these certificates of indebtedness will not be <br />issued until later this year. In anticipation of this future financing, staff has prepared <br />Resolution 15-23 declaring the official intent of the City of Lino Lakes to reimburse certain <br />expenditures from the proceeds of bonds to be issued by the city. If approved by the City <br />Council the resolution would allow the city to reimburse itself for the cost of the equipment <br />from the proceeds of the certificates. Until the certificates are issued the equipment will be <br />financed through temporary loans from other funds. <br />RECOMMENDATION <br />Staff recommends the City Council approve Resolution 15-23. <br />ATTACHMENTS <br />Resolution 15-23 <br />