HomeMy WebLinkAbout00-120 - ADMIN Resolution - City Council - 2000/09/18RESOLUTION NO. 00-120
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
temporanly 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 descnbed
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
descnbed in Exhibit A.
2. The Finance Director is authorized to designate appropnate 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.
Attest:
O•
y Clerk
Adopted by t e City Co m cil September 18, 2000
Resolution No. 00-120
Date of
Declaration
September 18, 2000
EXHIBIT A
TO OFFICIAL INTENT RESOLUTION
ADOPTED SEPTEMBER 18, 2000
Descnption of Project
Correction of flood areas to
eliminate or reduce flooding
impacts on residents within the
City of St. Louis Park, MN.
Maximum Prmcipal
Amount of Debt
for Project
$3,000,000