HomeMy WebLinkAbout1995-016 CCR1
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Member Kristen Mann introduced the following resolution and
moved its adoption:
RESOLUTION NO. 95 -ice
RESOLUTION DECLARING THE OFFICIAL INTENT OF THE CITY OF
BROOKLYN CENTER, MINNESOTA, TO REIMBURSE CERTAIN
EXPENDITURES FROM THE PROCEEDS OF BONDS TO BE ISSUED BY
THE CITY
WHEREAS, the Internal Revenue Service has issued Tres. Reg. 1.150 -2
providing that proceeds of tax exempt bonds used to reimburse prior expenditures will not be
deemed spent unless certain requirements are met; and
WHEREAS, the City of Brooklyn Center, Minnesota (the "City has been asked
to consider the issuance of tax- exempt small issue private activity bonds to finance an
approximate 60,000 square foot manufacturing facility, including certain equipment (the
"Project for General Litho Services, Inc. (the "Developer and
WHEREAS, the Developer has indicated that it expects to incur certain
expenditures which may be financed temporarily from sources other than the proceeds of tax
exempt private activity bonds and reimbursed from the proceeds of such bonds.
NOW, THEREFORE, BE IT RESOLVED by the City Council (the "Council
of the City of Brooklyn Center as follows:
The City declares it is a reasonable expectation that expenditures made by the
Developer for the Project will be reimbursed from the proceeds of tax- exempt private activity
bonds to be issued by the City in an aggregate principal amount of approximately $4,600,000
(the "Bonds"). Debt service on the Bonds will be paid solely from revenues of the Project
pledged to the payment of debt service on the bonds.
January 9, 1995
Date 0 Mayo(
ATTEST: 34) V)/I /M
Deputy Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Barb Kalligher and upon vote being taken thereon, the following voted in
favor thereof:
Myrna Kragness, Barb Kalligher, Kristen Mann, Debra Hilstrom, and Kathleen Carmody;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.