RESOLUTION #11-26
Resolution approving authorization to redirect certain amounts of the unspent proceeds of the 2004 General Obligation Urban Renewal Corporate Purpose Bonds and 2008B General Obligation Urban Renewal Corporate Purpose Bonds to other Public Purposes, and the Public Hearing on the authorization thereof
WHEREAS, the City of Monticello is duly incorporated, organized and exists under and by virtue of the laws and Constitution of the State of Iowa; and
WHEREAS, the City of Monticello is in need of funds to pay costs of the
2011 Second Street Reconstruction and surfacing of streets, including the construction of curb and gutter improvements, storm sewer and drainage improvements, water system extensions, improvements and connections, sanitary sewer system extensions, improvements and connections, spot sidewalk and driveway approach reconstructions, spot construction of new sidewalks and pedestrian ramps, and other remedial work, essential corporate purposes, and it is deemed necessary and advisable that the authorization to redirect certain of the unspent bond proceeds from the 2004 General Obligation Urban Renewal Corporate Purpose Bonds and 2008B General Obligation Urban Renewal Corporate Purpose Bonds, in the maximum amounts of $6,004.82 and $360,285.27, respectively; and
WHEREAS, pursuant to notice published as required of the City Code of Iowa, as amended, this Council has held a public meeting and hearing upon the proposal to redirect certain of the unspent bond proceeds from the 2004 General Obligation Urban Renewal Corporate Purpose Bonds and 2008B General Obligation Urban Renewal Corporate Purpose Bonds, in the maximum amounts of $6,004.82 and $360,285.27, respectively, and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MONTICELLO, IOWA: that the authorization to redirect certain of the unspent bond proceeds from the 2004 General Obligation Urban Renewal Corporate Purpose Bonds and 2008B General Obligation Urban Renewal Corporate Purpose Bonds, in the maximum amounts of $6,004.82 and $360,285.27, respectively, for other essential corporate purposes of the City, in order to pay costs of the 2011 Second Street Reconstruction project, including the construction of the street, curb and gutter improvements, storm sewer and drainage improvements, water system extensions, improvements and connections, sanitary sewer system extensions, improvements and connections, sidewalk, pedestrian ramps, driveway approaches and other remedial work is therefore now authorized to proceed.
PASSED AND APPROVED this 7th day of March 2011.
John Sauser, Mayor pro Tem
Sally Hinrichsen, City Clerk