City Council Resolution 2003-37RESOLUTION 2003-37
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 finance 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 this 16th day of June, 2003.
Bruce Thielen, Mayor
ATTEST:
Rick Wolfsteller, City Aministrator
Resolution No. 2003-37
Page 2
EXHIBIT A
TO OFFICIAL INTENT RESOLUTION
ADOPTED JUNE 169 2003
MAXIMUM PRINCIPAL
DATE OF
AMOUNT OF DEBT
DECLARATION
DESCRIPTION OF PROJECT
FOR PROJECT
6-16-03
Core Street Street Reconstruction
53,002,205
Project No. 2002-14