City Council Resolution 1998-43RESOLUTION 98- 43
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 oftax-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 12th day of October, 1998.
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Mayor
ATTEST:
City Administrato
98- 43
EXHIBIT A
TO OFFICIAL INTENT RESOLUTION
ADOPTED OCTOBER 12,1998
MAYINIUM PRINCIPAL
DATE OF AMOUNT OF DEBT
DFCLARATiON DESCRIPTION OF PROJECT FOR PROJECT
10/12/98 Resurrection Church/Methodist Church sanitary sewer $52,000
extension; Project 98-O1C
10/12/98 7th Street extension, including utilities and appurtenant work $1,072,900
from Washington Street; Project 98-12C
10/12/98 Trunk Highway 25 Improvement Project, including utilities and $1,725,700
appurtenant work; Project 96-04C
10/12/98 Fire Hall Parking Lot improvements; Project 98-09C $39,500
10/12/98 Sanitary sewer and water crossings along County Road 118 to $139,000
service Wildwood Ridge development; Project 98-23C
10/12/98 SE water booster pump and appurtenant work to service $260,000
Wildwood Ridge development and adjacent areas;
Project 98-24C