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CC Regular Session 5. 14. <br />Meeting Date: 06/14/2011 <br />By: Diana Lund, Finance <br />Title: <br />Authorize Resolution #11 -06 -XXX Resolution Establishing Procedures Relating to Compliance With <br />Reimbursement Bond Regulations Under the Internal Revenue Code. <br />Background: <br />The City will be bonding for the improvements at Armstrong Boulevard and Bunker Lake Boulevard in the <br />immediate future. Set bond sale will be brought to a future council meeting for approval. This bond will be for the <br />roadway improvements and utility improvements that relate to the Legacy Christian Academy and for the city's <br />share of AUAR roadway improvements. A special assessment bond will be issued for the school's share of cost <br />and an MSA bond for the City's share. <br />As the city will be incurring costs on this project before bond funds will be received (which has a targeted August <br />receipt of bond proceeds), the City needs to adopt a resolution that allows the City to repay itself from the future <br />bond proceeds. A resolution can be adopted no later than 60 days after the first construction payment. The first <br />payment is expected to be made in July. <br />Funding Source: <br />Funding for improvements will be from future bond issue. <br />Council Action: <br />Adopt Resolution #11 -06 -XXX Establishing Procedures Relating to Compliance with Reimbursement Bond <br />Regulations Under the Internal Revenue Code. <br />Attachments <br />Resolution #11 -06 -XXX Establishing Procedures Relating to Compliance with Reimbursement Bond Regulations <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 06/08/2011 05:25 PM <br />Form Started By: Diana Lund Started On: 06/01/2011 07:37 AM <br />Final Approval Date: 06/08/2011 <br />