HomeMy WebLinkAbout99-96 - ADMIN Resolution - City Council - 1999/08/16RESOLUTION NO. 99-96
DECLARING THE OFFICIAL INTENT OF THE
CITY OF ST. LOUIS PARK TO REIMBURSE
CERTAIN EXPENDITURES FROM THE PROCEEDS
OF BONDS TO BE ISSUED BY THE CITY
WHEREAS, the Internal Revenue Service has issued Treas Reg § 1 150-2
providing that proceeds of tax-exempt bonds used to reimburse prior expenditures will not
be deemed spent unless certain requirements are met, and
WHEREAS, the City expects to incur certain expenditures which may be financed
temporarily from sources other than bonds, and reimbursed from the proceeds of a bond,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ST LOUIS PARK (THE "CITY") AS FOLLOWS
1 The City reasonably intends to make expenditures for the project described
in Exhibit A (the "Project"), and reasonably intends to reimburse itself for such expenditures
from the proceeds of debt to be issued by the City in the maximum principal amount
described in Exhibit A
2 The City Manager is authorized to designate appropriate additions to Exhibit
A in circumstances where time is of the essence, and any such designation shall be reported
to the Council at the earliest practicable date and shall be filed with the official books and
records of the City
3 This resolution is intended to constitute a declaration of official intent for
purposes of Treas Reg § 1 150-2 and any successor law, regulation, or ruling
Reviewed for Administration
City Manager
Attest
Ci y Clerk
Adopt • by t e ity o ncil August 16, 1999
Date of
Declaration
August 16, 1999
Resolution No. 99-96
EXHIBIT A
TO OFFICIAL INTENT RESOLUTION
ADOPTED AUGUST 16,1999
Description of Project
Capital and administrative
costs related to Park Commons
Redevelopment Project
4
Maximum Principal
Amount of Debt
for Proiect
$15,000,000