HomeMy WebLinkAbout04-031 - ADMIN Resolution - City Council - 2004/03/01RESOLUTION NO. 04-031
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 (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 the 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")
Project
Project
Number
Total
Project
Bond Cost Cost
Crossings Improvement Projects
Lamplighter Pond - Dredging & Modifications -
Area #4
Bikeways Improvement Project
Alley Project Paving - Edgebrook Dnve
Sidewalk Improvement Project - Pedestrian Curb
Ramps
Sidewalk Improvement Project - Other Segments
Trail Improvement Project - Other Segments
Street Project - Closures at RR Crossmgs
Street Project - TH 100 Noise Wall (West)
Street Improvement Project - W 44th Street
19990900 $43,018
20001800 $75,000
20011000 $287,475
20031500 $37,423
20040100 $120,350
20040200 $294,877
20040300 $291,240
20041200 $108,000
20050100 $130,075
20050500 $100,000
Total $1,487,458
$146,831
$1,569,902
$473,919
$56,824
$120,350
$501,927
$528,444
$108,000
$200,475
$100,000
$3,806,672
Resolution No. 04-031 -2-
Revi
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 $1,588,000. 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 aggregate issue price 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, engineering, 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.
4. This Declaration is an expression of the reasonable expectations of the City based
on the facts and circumstance 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 long-term
basis, or otherwise set aside pursuant to the City's budget or financial policies to
pay such Project expenditures.
5. The Declaration is intended to constitute a declaration of official intent for
purposes of the Reimbursement Regulations.
or Administration:
Ad . • - d by the City Council March 1, 2004
City Manager
Attest:
Ci / Clerk