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International Falls adopts reimbursement-resolution for Ninth Street project, sets $3 million cap
Summary
City council unanimously adopted a reimbursement resolution allowing the city to use cash reserves now for Ninth Street storm, sanitary and street-lighting work and to reimburse itself later from tax‑exempt bonds not to exceed $3,000,000; bond sale is scheduled for consideration Aug. 4.
The International Falls City Council on June 16 adopted a reimbursement resolution allowing the city to temporarily pay project invoices for the Ninth Street project and later reimburse those expenses from the proceeds of a tax‑exempt bond not to exceed $3,000,000.
The resolution “gives you the opportunity to use your cash reserves in the short term to meet any obligations… and then reimburse yourself at a later date, with the proceeds of a tax exempt bond,” George Eilertson of Northland Securities told the…
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