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EXHIRIT B <br />TO OFFICIAL INTENT RESOLUTION <br />ADOPTED ., 1991 <br /> <br />OBJECTIVE EVIDENCE THAT CITY REASONABLY EXPECTED TO REIMBURSE <br />CERTAIN PAST EXPENDITURES WITH TAXABLE OR TAX EXEMPT BOND PROCEEDS <br /> <br /> The City paid approximately $54,000 from July, 1990 through December, 1990 for <br />engineering studies and reports related to Improvement Project No. 90-14 as described <br />in Exhibit A (the "Expenditures"). The City reasonably expected to reimburse iteself <br />for the Expenditures from the proceeds of taxable or tax exempt debt, as supported by <br />the following evidence: <br /> <br /> 1. It has been the City's consistent practice to reimburse engineering and <br />various administrative costs for public improvement projects out of bond proceeds. <br />This practice has been followed in every public improvement bond issue in the past <br />__ years, which includes the following issues: <br /> <br /> 2. During the period of July, 1990 through December, 1990, the City's <br />expectation to reimburse the Expenditures from bond proceeds was consistent with the <br />City's budgetary and financial circumstances. The City did not at that time have funds <br />allocated on a long-term basis, reserved or otherwise available under the City's budget <br />to pay for the Expenditures, as evidenced by the City's 1990 budget and financial <br />records on file in City Hall. <br /> <br /> <br />