HomeMy WebLinkAboutCC RES 10-059 RESOLUTION IN COMPLIANCE WITH ARBITAGE REGULATIONS A RESOLUTION CLOSING OUT THE CITY OF ST. ANTHONY'S 2005 STREET IMPROVEMENT CONSTRUCTION FUND AND TRANSFERRING THE REMAINING FUNDS TO THE 2005 BOND FUND Meeting Sheet
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103906
Box: 31
Folder: RES 2010
Document: CC RES 10-059 RESOLUTION IN COMPLIANCE WITH
ARBITAGE REGULATIONS A RESOLUTION CLOSING OUT THE CITY OF
ST. ANTHONY'S 2005 STREET IMPROVEMENT CONSTRUCTION FUND
AND TRANSFERRING THE REMAINING FUNDS TO THE 2005 BOND
FUND
CITY OF ST ANTHONY VILLAGE
RESOLUTION No. 10-059
IN COMPLIANCE WITH ARBITRAGE REGULATIONS
A RESOLUTION CLOSING OUT THE CITY OF ST.ANTHONY'S
2005 STREET IMPROVEMENT CONSTRUCTION FUND
AND TRANSFERRING THE REMAINING FUNDS
TO THE 2005 BOND FUND.
WHEREAS, to fund the 2005 Road Improvement Project, the City issued $1,695,000 in
G.O. Improvement Bonds; and
WHEREAS, arbitrage regulations require that upon the fifth anniversary of issuance of a
bond a computation be made to calculate if any arbitrage rebate or yield
restriction applies; and
WHEREAS, Ehlers and Associates has completed the analysis and has determined that no
arbitrage rebate or yield restriction exists; and
WHEREAS, as part of closing out the project, the remaining balance of the Construction
Fund should be closed out and transferred to the Bond Fund to make debt
service payments; and
WHEREAS, there are no further IRS filing forms required.
NOW,THEREFORE,BE IT RESOLVED that:
1) the remaining funds of the 2005 Street Improvement Construction Fund
#504 totaling$33,958.24 be transferred to the 2005A Bond Fund#503
Adopted this 14th day of Se t r 2010
/ Mayor
ATTEST:
City Clerk
Review for Administration:
City Manager