City Council Resolution 1999-44RESOLUTION 99-44
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.
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 23rd day of August, 1999.
ATTEST:
r s,
Rick Wolfsteller, C y Administrator
Resolution 99-42
Page 2
EXHIBIT A
TO OFFICIAL INTENT RESOLUTION
ADOPTED AUGUST 9, 1999
MAXIMUM PRINCIPAL
DATE OF
AMOUNT OF DEBT
DECLARATION
DESCRIPTION OF PROJECT
FOR PROJECT
8-23-99
Dundas Road Paving Project
$ 48,000
Chelsea Road East Improvement
8-23-99
Project 98-08C
$455,900