1992-003 Council Resolution - Laserfiche WebLink

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(f) The Council shall be advised from time to time on the desirability and timing of the issuance of reimbursement bonds relating to project expenditures for which the City has made Official Intent Declarations, including recommendations on the timing of the issuance of such bonds so that the "reimbursement allocation" described in the Regulations and in the paragraph 3 below can be made within the time limits prescribed in the Regulations. (g) This Resolution shall be deemed to incorporate any amendments to the proposed Regulations made in connection with their final adoption, and to the extent that the provisions of this Resolution may differ from those finally adopted Regulations, this resolution shall be deemed to have been amended thereby and to incorporate said revised or additional requirements. 3. Reimbursement Allocations. The designated City officials shall also be responsible for making the "reimbursement allocations" described in the Regulations, being generally the transfer of the appropriate amount of reimbursement bond proceeds to reimburse the source of temporary financing used by the City to make payment of the prior expenditure. Each allocation shall be evidenced by an entry on the official books of the City maintained for such reimbursement bonds, shall specifically identify the actual prior expenditure being reimbursed, and shall be effective to relieve the bond proceeds involved from any restriction under the bond resolution or other relevant legal documents for those bonds and under any applicable state statute which would apply to the unspent proceeds of such bond issue. Adopted by the City Council of Lino Lakes this 13th day of January, 1992.