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Agenda Section: 9.0 <br /> J2NEs REQUEST FOR COUNCIL CONSIDERATION Report Number. 93-683C <br /> ,,STAFF REPORT <br /> Report Date: 11-5-93 <br /> council Action: <br /> ❑ Special Order of Business <br /> CITY COUNCIL MEETING DATE November 8, 1993 0 Public Hearings <br /> ❑ Consent Agenda <br /> R7 Council Business <br /> Item Description: Consideration of Resolution No. 4447 Establishing Procedures to Compliance with <br /> Reimbursement Bond Regulations Under the Internal Revenue Code <br /> Administrator's Review/Recommendation: <br /> - No comments to supplement this report <br /> - Comments attached. <br /> Explanation/Summary (attach supplement sheets as necessary.) <br /> SUMMARY; <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 /> Sama ha Ordu,o, Cit Administr or <br /> RECOMMENDATION: <br /> Motion to Waive the Reading and Approve Resolution No. 4447 Establishing Procedures <br /> Relating to Compliance with Reimbursement Bond Regulations Under the Internal Revenue Code <br />