City Council Resolution 2002-61RESOLUTION NO. 2002-61
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 CITY OF
MONTICELLO (THE "CITY") AS FOLLOWS:
1. 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 of the City this 9"' day of September, 2002.
ATTEST:
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City
Administrator, R' k Wolfsteller
Resolution No. 2002-61
Page 2
EXHIBIT A
TO OFFICIAL INTENT RESOLUTION
ADOPTED SEPTEMBER 9, 2002
MAXIMUM
DATE OF
PRINCIPAL
DECLARATION DESCRIPTION OF PROJECT
AMOUNT OF DEBT
FOR PROJECT
9-9-01 CSAH 75 - Washington Street to Otter Creek
$1,568,000