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City of Missoula, Montana Item to be Referred to City Council Committee Committee: A & F Item: Reimbursement Resolution for Curb and sidewalk projects to be constructed in FY 2011 Date: May 14, 2010 Prepared by: Brentt Ramharter Initiated by: Brentt Ramharter Action Required: Approve :“RESOLUTION DECLARING THE OFFICIAL INTENT OF THE CITY OF MISSOULA, MONTANA TO REIMBURSE CERTAIN ORIGINAL EXPENDITURES RELATED TO SIDEWALK, CURB, AND GUTTER IMPROVEMENTS FROM THE PROCEEDS OF TAX-EXEMPT BONDS TO BE ISSUED BY THE CITY OF MISSOULA, MONTANA AFTER THE PAYMENT OF SUCH ORIGINAL EXPENDITURES” . Recommended Motion: I move the City Council approve the :“RESOLUTION DECLARING THE OFFICIAL INTENT OF THE CITY OF MISSOULA, MONTANA TO REIMBURSE CERTAIN ORIGINAL EXPENDITURES RELATED TO SIDEWALK, CURB, AND GUTTER IMPROVEMENTS FROM THE PROCEEDS OF TAX-EXEMPT BONDS TO BE ISSUED BY THE CITY OF MISSOULA, MONTANA AFTER THE PAYMENT OF SUCH ORIGINAL EXPENDITURES” Timeline: Referral to committee: May 14, 2010 Committee discussion: March 19, 2010 Deadline: Have council approve at May 24, 2010 meeting Background and Alternatives Explored: This is a standard resolution that the city passes each year in advance of undertaking the curb & sidewalk projects that will be financed next year. The IRS requires that the City disclose our financing intent. We indicate that we will reimburse ourselves up to $2.0 million in costs, which should cover the maximum amount of projects undertaken. Financial Implications: This must be approved by the City if we are to proceed with the curb & sidewalk program. Attachments: Resolution