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CITY OF ST ANTHONY VILLAGE <br />RESOLUTION No. 10-059 <br />IN COMPLIANCE WITH ARBITRAGE REGULATIONS <br />A RESOLUTION CLOSING OUT THE CITY OF ST. ANTHONY'S <br />2005 STREET IMPROVEMENT CONSTRUCTION FUND <br />AND TRANSFERRING THE REMAINING FUNDS <br />TO THE 2005 BOND FUND. <br />WHEREAS, to fund the 2005 Road Improvement Project, the City issued $1,695,000 in <br />G.O. Improvement Bonds; and <br />WHEREAS, arbitrage regulations require that upon the fifth anniversary of issuance of a <br />bond a computation be made to calculate if any arbitrage rebate or yield <br />restriction applies; and <br />WHEREAS, Ehlers and Associates has completed the analysis and has determined that no <br />arbitrage rebate or yield restriction exists; and <br />WHEREAS, as part of closing out the project, the remaining balance of the Construction <br />Fund should be closed out and transferred to the Bond Fund to make debt <br />service payments; and <br />WHEREAS, there are no further IRS filing forms required. <br />NOW, THEREFORE, BE IT RESOLVED that: <br />1) the remaining funds of the 2005 Street Improvement Construction Fund <br />#504 totaling $33,958.24 be transferred to the 2005A Bond Fund #503 <br />Adopted this 14th day of September, 2010 <br />ATTEST: <br />City Clerk <br />Review for Administration: <br />Mayor <br />City Manager <br />14 <br />