HomeMy WebLinkAbout99-11 - ADMIN Resolution - Economic Development Authority - 1999/08/16ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 99-11
DECLARING THE OFFICIAL INTENT OF THE
ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
TO REIMBURSE CERTAIN EXPENDITURES FROM THE PROCEEDS
OF BONDS TO BE ISSUED BY THE AUTHORITY
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 Authority expects to incur certain expenditures which may be financed
temporarily from sources other than bonds, and reimbursed from the proceeds of a bond;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY (THE "AUTHORITY") AS
FOLLOWS:
1. The Authority reasonably intends to make expenditures for the project described in
Exhibit A (the 'Project"), and reasonably intends to reimburse itself for such expenditures from the
proceeds of debt to be issued by the Authority in the maximum principal amount described in Exhibit A.
2. The Executive Director is authorized to designate appropriate additions to Exhibit A in
circumstances where time is of the essence, and any such designation shall be reported to the Board at
the earliest practicable date and shall be filed with the official books and records of the Authority.
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.
Approved by the Board of Commissioners of the St. Louis Park Economic Development
Authority this 16th day of August, 1999.
Reviewed for Administration: Adopted by the Eonomic Development
Authority August 16, 1999
Attest
ecretary
Rx,e
President
EDA Res. No. 99-11
EXHIBIT A
TO OFFICIAL INTENT RESOLUTION
ADOPTED AUGUST 16,1999
Date of
Declaration Description of Project
August 16, 1999 Capital and administrative costs
related to Park Commons
Redevelopment Project
W
Maximum Principal
Amount of Debt
for Proiect
$15,000,000