City Council Resolution 2000-30RESOLUTION NO. 2000-30
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 24th day of April, 2000.
May
ATTEST:
City Administrator
Resolution No. 2000-30
Page 2
EXHIBIT A
TO OFFICIAL INTENT RESOLUTION
ADOPTED APRIL 24, 2000
MAXIMUM
DATE OF
PRINCIPAL
DECLARATION
DESCRIPTION OF PROJECT
AMOUNT OF DEBT
FOR PROJECT
4/24/00
Chelsea Road West & Groveland Phase I Street, Utilities and
$3,459,175
Appurtenant Improvements Project #98-25C
4/24/00
Extension of Sanitary Sewer and Watermain - Elm Street -
$40,000
Proj. 42000-08C.
4/24/00
Orchard Road Street Improvement between I-94 and CSAH 75
$18,650
Proj. #2000-07C.
4/24/00
Walnut Street Park Proj. #2000-02C
$43,050