HomeMy WebLinkAbout07-021 - ADMIN Resolution - City Council - 2007/02/20RESOLUTION NO. 07-021
RESOLUTION 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
pnor 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 LET IT BE 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"):
Storm Water Projects Proj. No. Est. Cost
Water Main Replacement - Excelsior Blvd 20040402 $90,000
Water / Sewer Project - SCADA Replacement 20061800 $29,000
Storm Water Lift Station #6 - Taft 20072400 $250,000
Storm Water Project - Flood Area #25 20031200 $99,077
Storm Water Project - Flood Area #10 20031210 $45,000
Storm Water Project - Flood Area #26 20031300 $249,164
Storm Water Project - Flood Area #24 20031600 $800,000
Storm Water Project - Minnehaha Creek Flooding 20091500 $90,000
Storm Water Project - City Hall Parking Lot 20072500 $100,000
Storm Water Project - Sewer Rehab / Replacement (Area TBD) 20072300 $100,000
Storm Water Project - Flood Area #32 20031400 $37,500
Total $1,889,741
Resolution No. 07-021 -2-
Water Projects Proj. No. Est. Cost
Watermain Replacement (Excelsior Blvd w of HWY 100) 20040402 $270,000
Watermain Replacement (Kilmer NH north of W 16th St) 20071400 $391,713
Watermain Replacement (Area 4 of Pavement Mgt Pgm) 20081500 '$150,000
Watermain Replacement (Area 5 of Pavement Mgt Pgm) 20091300 $5,000
Water / Sewer Project - SCADA Replacement (2006 / 2007) 20061800 $85,000
Water Project - Replace/Upgrade Commercial Meters 20071200 $161,838
Water Project - WTP #8 Filter Rehabilitation (16th & Lancaster) 20062000 $87,600
Water Project - WTP #16 Filter Rehabilitation (20th & Flag) 20091200 $390,000
Water Project - Recoat Elevated Water Tower (Tower #4) 20071500 $460,000
Water Project - Reservoir #1 Minor Rehabilitation 20062300 $105,000
Water Project - WTP #10 Pump Dnve Upgrade 20071205 $45,000
Total $2,151,151
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 $4,500,000
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 the 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,
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 circumstances known to the City as of the date hereof. The anticipated onginal
expenditures for the Project and the pnncipal 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
Resolution No. 07-021 -3-
u
5. This Declaration is intended to constitute a declaration of official intent for
of the Reimbursement Regulations.
Re
iewed
fo Administration:
Adopted by the City Council February 20, 2007
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City
Attest:
City Clerk