HomeMy WebLinkAbout2015-05CITY OF GEM LAKE, MN
'4'14f City Hall - 4200 Otter Lake Road
'MIA A Gem Lake, MN 55110
RESOLUTION NO.2015-05
21 APRIL 2015
A RESOLUTION DECLARING OFFICIAL INTENT TO REIMBURSE
EXPENDITURES
WHEREAS, Federal regulations relating to tax-exempt bonds treat bond proceeds used
to reimburse prior expenditures as expended only if certain requirements are met,
including as to some expenditures, the requirement of declaring an official intent to
reimburse; and
WHEREAS, expenditures to be reimbursed have been paid and will continue to be paid
by the City of Gem Lake for various improvement projects initiated under Minnesota
Statutes, Chapter 429, prior to the issuance of bonds to finance such improvements,
NOW, THEREFORE BE IT RESOLVED, that the City Council of the City of Gem
Lake hereby declares its intent to reimburse expenditures for the improvement project
listed below:
Reimbursement
Project # Project Name Amount
GEMLK 130629 Municipal Water Supply $500,000.00
With the proceeds of the bonds to be used by the City in the maximum expected principal
amount of $500,000.00.
The motion for the adoption of the foregoing Resolution was offered by Councilor
Artig Swomley and was supported by Councilor Lindner and was declared adopted
based upon the following vote:
NAME,
UZPEN
BOSAK
LINDNER
KUNY
ARTIG-
SWOMLEY
Vote
Yes
Yes
Yes
Yes
Yes
Attest
I, WILLIAM F. SHORT, the duly qualified City Clerk for the City of Gem Lake,
County of Ramsey, State of Minnesota, do hereby certify that the foregoing Resolution is
a true and accurate representation of action taken by the City Council of the City of Gem
Lake on the date first written.
SHORT, City Clerk
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