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PROPOSED RESOLUTION
A RESOLUTION ESTABLISHING PROCEDURES RELATING TO COMPLIANCE WITH REIMBURSEMENT BOND REGULATIONS UNDER THE INTERNAL REVENUE CODE
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This proposed resolution to ensures compliance with IRS regulations regarding reimbursement bonds under the Internal Revenue Code. This resolution outlines procedures for declaring the city's intent to reimburse project costs, such as the $736,758 rural tanker fire truck purchase, with proceeds from future bond issuances. It specifies the timing and requirements for these declarations, including a maximum principal amount of $400,000 for the bonds to finance the project. The resolution amends and supplements prior procedures to align with updated regulations, ensuring all actions meet federal requirements.
recommendation
City Administrator Recommendation: City Council Adopt Proposed Resolution No. 33-24.