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1996-061 Council Resolution
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1996-061 Council Resolution
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City Council
Council Document Type
Resolutions
Meeting Date
06/10/1996
Council Meeting Type
Regular
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c. The City intends to reimburse itself for the payment of the designated <br />project costs out of the proceeds of a tax exempt bond issue, debt or <br />similar borrowing (the "Bonds") to be issued by the City after the date of <br />payment of all or a portion of the costs. Pending the issuance of the <br />Bonds, the City reasonably expects to pay and temporarily finance the <br />costs from the Area and Unit Fund. <br />d. The Bonds are proposed to be issued by the City pursuant to the <br />provisions of Minnesota Statutes, Chapter 475, and other applicable <br />statutory authority. The reasonably expected sources of funds to be <br />used by the City to pay the debt service on the Bonds is the Area and <br />Unit Fund, in the amount of $400,000.00. <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 <br />Bonds. Furthermore, there has been no allocation, budgeting, or restriction of <br />moneys (or the adoption of a requirement or policy to reimburse a fund) as part <br />of the City's budgetary process, the primary purpose of which is to prevent <br />moneys from said sources from being available for the permanent financing of <br />the costs of the projects. This resolution, therefore, is determined to be <br />consistent with the City's budgetary and financial circumstances as they exist or <br />are foreseeable on the date hereof, all within the meaning and content of the <br />Regulations. <br />3. Filing - This resolution shall be filed in the publicly available official books, <br />records, or proceedings of the City, which shall be continuously available for <br />inspection by the general public. This resolution shall be available for inspection <br />at City Hall during normal business hours of the City on every business day the <br />period 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 <br />of such 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 />reimburse the source of temporary financing used by the City to make payment <br />of the prior costs of the projects. Each allocation shall be evidenced by an entry <br />on the official books and records of the City maintained for the Bonds, shall <br />specifically identify the actual prior expenditure being reimbursed, and shall be <br />effective to relieve the proceeds of the Bonds from any restriction under the <br />bond resolution or other relevant legal documents for the Bonds, and under any <br />applicable state or federal statute, which would apply to the unspent proceeds of <br />such bond issue. <br />
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