Agenda Packets - 2002/08/12 - Laserfiche WebLink

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