City Council Resolution 2007-16RESOLUTION 2007 -16
RESOLUTION DECLARING THE OFFICIAL INTENT OF THE
CITY OF MONTICELLO TO REIMBURSE
CERTAIN EXPENDITURES FROM THE PROCEEDS OF
BONDS TO BE ISSUED BY THE CITY
WHEREAS, the Internal Revenue Service has issued Treas. 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 expects to incur certain expenditures which may be financed temporarily from
sources other than bonds, and reimbursed from the proceeds of a bond;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE C.l' T OF
MONTICELLO (THE "CITY') AS FOLLOWS:
The City reasonably intends to make expenditures for the projects described in Exhibit A
(the "Projects "), 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 described in
Exhibit A.
2. The City Administrator is authorized to designate appropriate additions to Exhibit A in
circumstances where time is of the essence, and any such designation shall be reported to
the Council at the earliest practicable date and shall be filed with the official books and
records of the City as provided in Section 3.
3. This resolution is intended to constitute a declaration of official intent for purposes of
Treas. Reg. § 1.150 -2 and any successor law, regulation, or ruling.
Adopted by the City Council this 26th day of March, 2007
Clint Herbst, Mayor
ATTEST:
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Jeff 0 , City Administrator
Resolution No. 2007 -16
Page 2
EXHIBIT A
TO OFFICIAL INTENT RESOLUTION
ADOPTED MARCH 26, 2007
DATE OF 4'RNCIPAL ,
DECLARATION DESC AON OF PROJECT 4 Al OUNT OF DEBT.
FOR PROJECT
13/26/07 2007 Core Street Reconstruction Project $290413,300
City Project No. 2007 -OIC
3/26/07 Chelsea Road Reconstruction from CSAH $3,334,150
18 to Fallon Avenue, Street, Utilities &
Appurtenant Work, City Project No. 2006 -
31C