1992-049 Council Resolution - Laserfiche WebLink

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Council member Elliott introduced the following resolution and move its adoption: CITY OF LINO LAKES RESOLUTION NO. 92 - 49 DECLARING THE OFFICIAL INTENT OF THE CITY OF LINO LAKES TO REIMBURSE CERTAIN EXPENDITURES FROM THE PROCEEDS OF BONDS TO BE ISSUED BY THE CITY WHEREAS, the Internal Revenue Service has issued Tres Reg. 1.103-18 providing that proceeds of tax-exempt bonds used to reimburse prior expenditures will not be deemed spent unless certain requirements are met; and WHEREAS, the City expects to incur certain expenditures which may be financed temporarily from sources other than bonds, and reimbursed from the proceeds of a bond; and WHEREAS, the reimbursement rules apply to bonds issued after March 2, 1992; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LINO LAKES (THE "CITY") AS FOLLOWS: 1. The City reasonably intends to make expenditures for the project described in Exhibit A (the "Project") and reasonably intends to reimburse itself for such expenditures from the proceeds of debt to be issued by the City in the maximum principal amount described in Exhibit A. 2. The City Administrator is authorized to designate appropriate additions to Exhibit A in circumstances where time is of essence, and any such designation shall be reported to the Council at the earliest practical date and shall be filed with the official books and records of the City as provided in Section 3. 3. This resolution shall be maintained as part of the books and records of the City at the main administrative office of the City, and shall be continuously available during normal business hours of the City on every business day of the period beginning not more than 30 days after adoption of this resolution and ending on the last date of issue of any bonds issued to reimburse expenditures described in Exhibit A. 4. This resolution is an expression of the reasonable expectations of the City based on the facts and circumstances known to the City as of the date hereof. The anticipated reimbursements set forth at Exhibit A are consistent with the City's budgetary and financial circumstances. 1