HomeMy WebLinkAboutResolution 5812
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RESOLUTION NO. 5812
CITY OF MOUNDS VIEW
County of Ramsey
State of Minnesota
DECLARING OFFICIAL INTENT TO ISSUE BONDS
FOR THE COUNTY ROAD H2 PROJECT
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.
ATTEST:
Passed and adopted this 12th day of August 2002.
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Richard Sonterre, ayor
(SEAL)
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KatQen F. Miller, City Administrator
Motion by:
Second:
Sonterre:
Stigney:
Marty:
Thomas:
Quick:
Quick
Marty
Aye
Aye
Aye
Aye
Aye