2015-090 Declaring Official Intent to the City of Hopkins to Reimburse Certain Expenditures from the Proceeds of the Bonds to be Issued to the City CITY OF HOPKINS
HENNEPIN COUNTY,
MINNESOTA
RESOLUTION 2015-090
DECLARING THE OFFICIAL INTENT OF THE CITY OF
HOPKINS 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 Hopkins, Minnesota (the "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, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF HOPKINS AS FOLLOWS:
1. The City proposes to fund certain 2016 and 2017 park system improvements,as
shown in the Park System Reinvestment Plan.
2. The City reasonably expects to reimburse the expenditures made for
certain park improvements from the proceeds of bonds. All
reimbursed expenditures will be capital expenditures, costs of issuance of
the bonds, or other expenditures eligible for reimbursement under Section I
.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, engineering,
surveying, bond issuance, and similar costs that are incurred prior to
commencement of acquisition, construction or rehabi itation of a project,
other than land acquisition, site preparation, and sim lar 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 t e City as of the date
hereof.
5. This Declaration is intended to constitute a declarati on of official intent
for purposes of the Reimbursement Regulations.
Adopted this 17`h day of November 2015, by the City Council o the City of
Hopkins,Minnesota.
Eugene Maxwell, Mayor
Attest:
6.2.),(44LeA
Amy Domeier, City Clerk