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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 5812 <br />CITY OF MOUNDS VIEW <br />County of Ramsey <br />State of Minnesota <br /> <br />DECLARING OFFICIAL INTENT TO ISSUE BONDS <br />FOR THE COUNTY ROAD H2 PROJECT <br /> <br />WHEREAS, the City Council approved Resolution 5804 on July 22, 2002 <br />awarding the contract for the reconstruction of County Road H2, and <br /> <br />WHEREAS, approximately $150,000 of the project costs are expected to be <br />assessed to benefited property owners and collected over a period of ten years, and <br /> <br />WHEREAS, the City's bond counsel, Briggs and Morgan, has advised the City <br />that the Internal Revenue Service has issued Treasury Regulations, Section 1.150-2 <br />(the "Reimbursement Regulations"), dealing with "reimbursement bond" proceeds, <br />being proceeds of the City's bonds used to reimburse for any project expenditure paid <br />by the City prior to the time of issuance of those bonds, and <br /> <br />NOW THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Mounds View that the City reasonably expects to issue the City's bonds or similar <br />obligations (the "Bonds") to provide financing for the Project, and the City reasonably <br />expects that some of the costs of the Project will be reimbursed out of the proceeds of <br />those Bonds following their issuance. As of the date hereof, the City reasonably <br />anticipates that $150,000 is the maximum principal amount of the Bonds which will be <br />issued by the City to finance the Project. The City anticipates that each expenditure to <br />be reimbursed from the proceeds of the Bonds is or will be a capital expenditure or a <br />cost of issuance, or any of the other types of expenditures described in Section 1.150- <br />2(d)(3) of the Reimbursement Regulations. As of the date hereof, the statements and <br />expectations contained in this Resolution are believed to be reasonable and accurate. <br />The final bonding amount may be reduced by direct payment of certain costs of the <br />Project from other funding sources available to the City. <br /> <br />ATTEST: <br /> <br />Passed and adopted this 12th day of August 2002. <br /> <br />=;>~ <br /> <br />Richard Sonterre, ayor <br /> <br />(SEAL) <br /> <br />,) .. <br />= ~ d:j)..L-.. \-iry~ <br />KatQen F. Miller, City Administrator <br /> <br />Motion by: <br />Second: <br />Sonterre: <br />Stigney: <br />Marty: <br />Thomas: <br />Quick: <br /> <br />Quick <br />Marty <br />Aye <br />Aye <br />Aye <br />Aye <br />Aye <br />