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1996-048 Council Resolution
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1996-048 Council Resolution
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2/2/2016 1:30:53 PM
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2/2/2016 9:27:06 AM
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City Council
Council Document Type
Resolutions
Meeting Date
05/13/1996
Council Meeting Type
Regular
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RESOLUTION NO. 96-48 <br />...' PAGE 2 <br />City and none of the costs will be paid by the City until after the date to this <br />Resolution. Each of the projects and costs related thereto, constitutes property <br />having a useful life of at least one year. <br />c. The City intends to reimburse itself for the payment of the designated project <br />costs out of the proceeds of a tax exempt bond issue, debt or similar borrowing <br />(the "Bonds") to be issued by the City after the date of payment of all or a portion <br />of the costs. Pending the issuance of the Bonds, the City reasonably expects to <br />pay and temporarily finance the costs from the following source of sources of <br />funds identified on Exhibit A. <br />d. The Bonds are proposed to be issued by the City pursuant to the provisions of <br />Minnesota Statutes, Chapter 475, and other applicable statutory authority. <br />The reasonably expected sources of funds to be used by the City to pay the debt <br />service on the Bonds are identified on Exhibit A. <br />2. Budgetary Matters - As of the date hereof, there are no City funds reserved or <br />otherwise allocated pursuant to the City's budget (or expected to be reserved or <br />allocated pursuant to the City's budget) to provide permanent financing for the <br />bonding portion of the project costs, other than pursuant to the issuance of the Bonds. <br />Furthermore, there has been no allocation, budgeting, or restriction of moneys (or the <br />adoption of a requirement or policy to reimburse a fund) as part of the City's <br />budgetary process, the primary purpose of which is to prevent moneys from said <br />sources from being available for the permanent financing of the cots of the projects. <br />This resolution, therefore, is determined to be consistent with the City's budgetary <br />and financial circumstances as they exist or are foreseeable on the date hereof, all <br />within the meaning and content of the Regulations. <br />3. Filing - This resolution shall be filed in the publicly available official books, records, <br />or proceedings of the City, which shall be continuously available for inspection by <br />the general public. This resolution shall be available for inspection at City Hall <br />during normal business hours of the City on every business day the period <br />beginning on the earlier of 10 days after the adoption hereof or the date of <br />issuance of the reimbursement bonds and ending on the day after the issuance of such <br />bonds. <br />4. Reimbursement Allocation - The City's financial officer shall be responsible for <br />`,• making the "reimbursement allocations" described in the Regulations, being <br />generally the transfer of the appropriate amount of proceeds of the Bonds to <br />
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