02-33RESOLUTION NO. 2002-33
CITY OF OTSEGO
COUNTY OF WRIGHT, MINNESOTA
A RESOLUTION DECLARING INTENT TO REIMBURSE
WHEREAS, the Otsego City Council has determined to
proceed with certain capital projects (as
specifically described in Exhibit A hereto,
collectively referred to as the "Project"), and
intends to obtain financing with respect to the
Project at least in part through proceeds of tax
exempt bonds issued by the state of Minnesota; and,
WHEREAS, the Otsego City Council desires that all
permitted costs of the Project paid prior to the
issuance of tax-exempt bonds qualify for
reimbursement from the proceeds of issuance of such
tax-exempt bonds under applicable Treasury
regulations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF OTSEGO, MINNESOTA:
1. It is desirable that certain expenditures for
or relating to the Project be incurred and paid
prior to the issuance of tax-exempt bonds to
finance such expenditures;
2. Such expenditures are expected to be made in
the foreseeable future with respect to the Project;
3. The City reasonably expects to reimburse the
above described expenditures by incurring debt in
the form of one or more tax exempt bonds, in one or
more series, in an aggregate amount not exceeding
$4,750,000.00, and reasonably expects that actual
costs of the Project to be reimbursed from such
bond proceeds will probably be less, depending on
the date on which such bonds are issued and the
completion schedule for the Project;
4. No funds (from sources other than such debt)
are, or are reasonably expected to be, allocated on
a long term basis, reserved or otherwise set aside
pursuant to the City's budget or financial policies
for such expenditures at this time; and
5. In connection with the Project, authority is
hereby specifically conferred on the Mayor or any
other officer of the City to make such further
declarations of official reimbursement intent on
behalf of the City as may be necessary or desirable
and as may be consistent with then existing
budgetary and financial circumstances of the City.
Dated this 12th day of August, 2002
ATTEST:
4 da&y?n
y H dson, City Clerk
CITY OF OTSEGO
Larr ournier, Mayor
EXHIBIT A
1. 85TH STREET EXTENSION $ 375,000
2.
WATERFRONT WEST IMPROVEMENTS
$2,600,000
3. 85TH STREET RECONSTRUCTION $1,500,000