HomeMy WebLinkAbout05-051 - ADMIN Resolution - City Council - 2005/04/04RESOLUTION NO. 05-051
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 Total Project Year of
Number Bond Cost Cost Construction
Crossing Imprvement Projects 19990900 $ 146,831 $ 146,831 2004 and 2005
Lamplightyer Pond - Dredging & Modifications - Area la 20001800 75,000 1,569,902 2004
Bikeways Improvement Project 20011000 476,061 476,061 2005
Alley Paving Project - Edgebrook Dnve 20031500 37,423 56,824 2004
Sidewalk Improvemetn Project - Pedestrian Curb Ramps 20040100 120,350 120,350 2005
Sidewalk Iprovemetn Project - Other Segments 20040200 294,877 501,927 2004
Trail Improvemetn Project - Other Segments 20040300 291,240 528,444 2004
Street Project - Closures at RR Crossings 20041200 108,000 108,000 2005
Street Project - TH 100 Noise Wall (West) 20050100 141,490 2,900,416 2005
Street Improvement Project - W 44th Street 20050500 100,000 100,000 2006
Aquatic Park Expansion (see note below) 20063010 $ 1,000,000 $ 1,000,000 2006
Trail Project - Trail Connections 20040301 81,000 81,000 2005
Trail Project - Mtka Blve (hwy 169/Hutch Spur) 20040302 187,740 187,740 2005
Trail Project - Connection at Cedar Lake Rd 20040303 150,000 150,000 2005
Street Project 20051300 35,000 35,000 2006
Street Project - Mtka Blvd BR Repl @ Hutch Spur Trail 20061200 74,000 508,000 2006
Street Project - Hwy 7 Merge Lane Mod @ Blake Road 20081200 12,500 250,000 2008
Building Project - Police Department (Roof Replacemen MBF - 009 200,000 200,000 2005
City wide Telephone System TFR - 211 300,000 300,000 2006
Total 2005 Requested Reimb. Resolution $ 3,831,512 $ 9,220,495
Total anticipated 2005 GO Bond issue
(excludes bond issue costs) $ 3,775,000
NOTE: The total anticipated 2005 Bond issue costs indicated in the above information
exceeds the actual bond anticipated due to staff anticipating utilizing other available
revenue sources
Resolution No 05-051 -2-
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 pnncipal
amount of $3,775,000. 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
onginal 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 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 prior 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 descnbed 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.
Review
5. The Declaration is intended to constitute a declaration of official intent for
purposes of the Reimbursement Regulations.
d for Administration:
City er
Attest.
Adopted by the City Council Apnl 4, 2005
May