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REQUEST FOR COUNCIL CONSIDERATION <br />STAFF REPORT <br />Crry COUNCEL MEETING DATE <br />November 8, 1993 <br />Agenda Section: 9. C <br />Report `lumber. 91-681C <br />Report Data: <br />Council Action: <br />❑ Special Order of Business <br />G Public Hearings <br />C Consent Agenda <br />P Council Business <br />Item Desorption: Consideration of Resolution No. 4447 Establishing Procedures to Compliance with <br />Reimbursement liond Regulations Under the Internal Revenue Code <br />Administrator's ReviewiRecommendation: <br />• Vo comments to supplement this report <br />- Comments attached. <br />ExplanatioNSummarl (attach supplement sheets ate aettssary.) <br />,STINEN 4RY• <br />The attached Resolution outlining the procedures by which the City will <br />comply with the recently revised IRS Regulations relating to "Reimbursement <br />Bonds". The Resolution sets up a program and adopts a form of official <br />intent declaration which can be used for any project. Once the Resolution <br />is adopted, the form of declaration for the golf course project can be <br />completed and executed within 60 days of the authorized expenditure. <br />The Resolution will provide the legal mechanism by which the City may <br />reimburse the TIF District No. 2 fund from the proceeds of the Revenue <br />Bonds for the purchase of Lot 16, Block 2, Northstar Industrial Park. <br />The attached resolution was prepared by the city's Bond Counsel, Jim <br />O'Meara and meets all federal and state requirements for the stated <br />purpose. <br />, C <br />RECQMMENDATION <br />Motion 1,, Waive the Reeding and Approve Rest) ) tit :Jon No. 4447 Establishing Procedures <br />He lot i"g l't ConipI lance with Re imhursenient Bond Rego lot tons Under the Internal Revenue Code <br />