The Monticello City Council has approved a resolution that will allow the city to include the proposed Fallon Avenue overpass project in a future bond issue.
According to Finance Director Wayne Oberg, the Internal Revenue Service requires an adopted resolution declaring the official intent to reimburse certain project expenditures from bond proceeds, if the city plans or would issue bonds to finance project costs.
Council members unanimously approved the Fallon Avenue bond reimbursement intent resolution as a consent agenda item June 24 without discussion.
The intent resolution approved last week lists $6 million as a maximum principal amount of debt.
See this week’s print edition of the Monticello Times for the complete story.