City Council Resolution 1997-40RESOLUTION 97-40
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 project described
in Exhibit A (the "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 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 11th day of August, 1997.
` ~ ,
Mayor
City Administr or
Lution 97-40
2
EXHIBIT A
TO OFFICIAL INTENT RESOLUTION
ADOPTED AUGUST 11, 1997
Date of
Declaration
8/11/97
Maximum Principal
Amount of Debt
For Prgiect
HIein Farms 4th Addition,
Project 97-04C
Construction of trunk sanitary sewer,
trunk water main, trunk storm sewer,
streets, utilities, and appurtenant work
for HIein Farms 3rd Addition, Phase II
$1,826,000