2015-036 Declaring Official Intent of the City of Hopkins to Reimburse Certain Expenditures from General Obligation Improvement Bonds 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 Projects
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 law,regulation,ruling or
amendment pertaining thereto.
Adopted by the City Council of the City of Hopkins, Minnesota, this 7th day of April,
2015.
By i%/
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E ene J. axwell, Mayor
AX.c/UAL/e/VA
my Domeier,City Clerk