5.h. Approve Resolution 2015-036 Declaring Intent to Sell Bonds to Reimburse City Costs – Cottageville Park Improvement Project; Stadler (CR2015-049)
April 2, 2015 Council Report 2015-049
APPROVE RESOLUTION 2015-036, DECLARING INTENT TO SELL BONDS TO
REIMBURSE CITY COSTS - COTTAGEVILLE PARK IMPROVEMENT PROJECT
Proposed Action.
Staff recommends the following motion: Adopt Resolution 2015-036, stating City’s intent to sell
bonds to fund the Cottageville Park Improvement Project.
Overview.
The City’s Capital Improvements Plan (CIP) includes a project to improve Cottageville Park.
The City intends to sell bonds in order to pay for those improvements. The park improvements
are included in City projects 2012-013 and 2014-011
Supporting Information.
Resolution 2015-036
_________________________________
Steven J. Stadler, Public Works Director
Financial Impact: $ 1,850,000 Budgeted: Y/N _Y___ Source: Storm Sewer, Fund 301
Related Documents (CIP, ERP, etc.): CIP_ Notes: _______________________
CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2015-036
DECLARING THE OFFICIAL INTENT OF THE CITY OF HOPKINS
TO REIMBURSE CERTAIN EXPENDITURES FROM
GENERAL OBLIGATION IMPROVEMENT BOND PROCEEDS
TO BE ISSUED BY THE CITY OF HOPKINS
WHEREAS, the Internal Revenue Service has issued Treas. Reg. #1.150-2
providing that proceeds of tax-exempt bonds used to reimburse prior expenditures shall not
be deemed spent unless certain requirements are met; and
WHEREAS, the City expects to incur certain expenditures, which may be financed
temporarily from sources other than bonds, and reimbursed from the bond proceeds;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF HOPKINS, MINNESOTA (THE CITY) AS FOLLLOWS:
1. The City intends to incur expenditures for the Cottageville Park Improvement
Project to include purchase and installation of new play equipment, City Protects
2012-013 and 2014-011, and intends to reimburse itself for such expenditures from
the bond proceeds to be issued by the City.
2. The City Manager is authorized to designate additions to these projects in
circumstances where time is of the essence, and any such designation shall be
reported to the Council at the earliest practicable date and shall be filed with the
official books and records of the City.
3. This resolution is intended to constitute a declaration of official intent for the
purpose of Treas. Reg. #1.150-2 and any successor Iaw, regulation, ruling or
amendment pertaining thereto.
Adopted by the City Council of the City of Hopkins, Minnesota, this 7`h day of April,
2015.
I'M
ATTEST:
Amy Domeier, City Clerk
Eugene J. Maxwell, Mayor