HomeMy WebLinkAbout03-040 - ADMIN Resolution - City Council - 2003/04/07RESOLUTION NO. 03-040
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
REGARDING THE ST. LOUIS PARK REC CENTER
WEST ARENA HOCKEY DASHER BOARD SYSTEM
WHEREAS, the Internal Revenue Service has issued Treas. Reg. § 1.150-2 (the
"Reimbursement Regulations") 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 of St. Louis Park ("City") expects to incur certain expenditures that
may be financed temporarily from sources other than bonds, and reimbursed from the proceeds of a
tax-exempt bond;
WHEREAS, the City has determined to make this declaration of official intent
("Declaration") to reimburse certain costs from proceeds of bonds in accordance with the
Reimbursement Regulations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ST LOUIS PARK AS FOLLOWS.
1. The City proposes to undertake the following projects (the "Project"):
Removal, storage and re -installation of hockey dasher board system
located in the west arena at the St. Louis Park Rec Center.
2. The City reasonably expects to reimburse the expenditures made for certain costs of
the Project from the proceeds of bonds in an estimated maximum principal amount of $ 25,585.00,
including tax. All reimbursed expenditures will be capital expenditures, costs of issuance of the
bonds, or other expenditures eligible for reimbursement under Section 1.150-2(d)(3) of the
Reimbursement Regulations.
3 This Declaration has been made not later than 60 days after payment of any
original expenditure to be subject to a reimbursement allocation with respect to the proceeds of
bonds, except for the following expenditures: (a) costs of issuance of bonds; (b) costs in an amount
not in excess of $100,000 or 5 percent of the proceeds of an issue; or (c) "preliminary expenditures"
up to an amount not in excess of 20 percent of the aggregate issue pnce of the issue or issues that
finance or are reasonably expected by the City to finance the project for which the preliminary
expenditures were incurred The term "preliminary expenditures" includes architectural,
engineenng, surveying, bond issuance, and similar costs that are incurred pnor to commencement of
acquisition, construction or rehabilitation of a project, other than land acquisition, site preparation,
and similar costs incident to commencement of construction.
Resolution No 03-040 -2-
4. This Declaration is an expression of the reasonable expectations of the City based
on the facts and circumstances known to the City as of the date hereof. The anticipated original
expenditures for the Project and the principal amount of the bonds described in paragraph 2 are
consistent with the City's budgetary and financial circumstances. No sources other than proceeds
of bonds to be issued by the City are, or are reasonably expected to be, reserved, allocated on a
Tong -term basis, or otherwise set aside pursuant to the City's budget or financial policies to pay
such Project expenditures.
5 This Declaration is intended to constitute a declaration of official intent for
purposes of the Reimbursement Regulations.
Approved by the City Council of the City of St. Louis Park, Minnesota this 7th day of Apnl,
2003.
Reviewed for Administration:
ity Manager
Attest:
C Clerk
ted by the City Council April 7, 2003
Mayor
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