HomeMy WebLinkAboutCity Council Resolution 1995-655•
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF PLYMOUTH, MINNESOTA
HELD: October 24,1995
Pursuant to due call and notic: thereof, a regular meeting of the City Council of
the City of Plymouth, Hennepin County, Minnesota, was duly held at the City Hall in
said City on the 24th day of October, 1995, at 7:00 p.m. for the purpose in part of
declaring official intent to reimburse certain expenditures from proceeds of indebtedness
of said City.
The following members were present:
Anderson, Wold, Lymangood, Helliwell, Edson, Tierney
and the following were absent: Granath
Member
adoption:
Ilelliwell
introduced the following resolution avid moved its
RESOLUTION -95-655
RESOLUTION DECLARING OFFICIAL INTENT
OF THE CITY OF PLYMOUTH, MINNESOTA
TO REIMBURSE CERTAIN EXPENDI'MRES
FROM PROCEEDS OF INDEBTEDNESS
WHEREAS, the City of Plymouth, Minnesota (the "Issuce) intends to grade and
improve Peony Lane north of Highway 55 in the City of Plymouth (the "Project");
WHEREAS, the Issuer expects to pay certain expenditure:t (the "Reimbursement
Expenditures") in connection with the Project prior to the issuance of indebtedness for
the purpose of financing costs associated with the Project on a long-term basis;
WHE ' ; , the Issuer has authorized a contract in the amount of $907,225.58
with Nark Construction Company, Inc. of Fridley, Minnesota as of October 3, 1995 with
respect to the Project, and such contract was entered into within 60 days of the date of
this resolution;
WHEREAS, the Issuer reasonably expects that debt obligations in an amount not
expected to exceed $7,665,000 will be issued and that certain of the proceeds of such
debt obligations will be used to reimburse the Reimbursement Expenditures; and
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WHEREAS, Section 1.150-2 of the Treasury Regulations require the Issuer to
declare its reasonable official intent to reimburse prior expenditures for the Project with
proceeds of a subsequent borrowing;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Plymouth, Minnesota, as follows:
Section 1, The Issuer finds and determines that the foregoing recitals are true
and correct.
Section 2. This declaration is made solely for purposes of establishing -
compliance with the requirements of Secti'n 1.150-2 of the Treasury Regulations. This
declaration does not bind the Issuer to make any exrenditure, incur any indebtedne6s, or
proceed with the Project.
Section 3. The Issuer hereby declares its official intent to use proceeds of
indebtedness to reimburse itself for Reimbursemen• Bpenditures.
Section 4. This declaration shall take effect from and after its adoption.
The motion for the adoption of the foregoing resolutiori was duly seconded by
member igold and, after full discussion thereof and upon a vote being
taken thereon, the following voted in favor thereof:
Anderson, Wold, Lymangood, llelliwell, Edson, Tierney%
and the following voted against the same: None
Whereupon said resolution was declared duly passed and adop;.-d.
cJcvssmssoeu 346D.n.
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