HomeMy WebLinkAbout1994-089 CCR1
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Member Kristen Mann introduced the following resolution and
moved its adoption:
RESOLUTION NO. 94 89
RESOLUTION AMENDING THE ORDER FOR THE STORM WATER POND
IMPROVEMENT PROJECT NO. 1992 -29 AND PARK DEVELOPMENT
WHEREAS, Resolution 93 -105 ordered the Storm Water Pond
Improvement Project No. 1992 -29 and Park Development; and
WHEREAS, the City reasonably expects to expend moneys from the
Storm Drainage Fund, on a temporary basis to pay the expenditures
described in this resolution; and
WHEREAS, the City reasonably expects to reimburse itself for
such expenditures incurred from this date onward from the proceeds of
taxable or tax exempt bonds, the debt service for which is expected to
be paid from utility fees collected by the Storm Drainage Fund; and
WHEREAS, the Internal Revenue Service has issued Treasury
Regulation 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.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Brooklyn Center, Minnesota, as follows:
ATTEST:
1. The City reasonably intends to make expenditures for the
Storm Water Pond Improvement Project and reasonably intends to
reimburse itself for such expenditures from the proceeds of
debt to be issued by the City in the maximum principal amount
of $1,125,000.
2. This resolution is intended to constitute a declaration of
official intent for the purposes of Treasury Regulation 1.150-
2 and any successor law, regulation, or ruling.
April 25, 1994
Date
Deputy Clerk
The motion for the adoption of the foregoing resolution was duly
seconded by member Celia Scott and upon vote being taken
thereon, the following voted in favor thereof:
Todd Paulson, Celia Scott, Dave Rosene, Barb Kalligher, and Kristen Mann;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.
kolutrivi
Todd Paulson, Mayor