IV.5. Approve Resolution 2016-041 Declaring the Official Intent of the City of Hopkins to Reimburse Certain Expenditures from the Proceeds of Bonds to be Issued by the City; Stadler (CR2016-050)_ �, � _..... . .
May 1 l, 2016 Council Report 2016-050
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C�y of Hopki ns
APPROVE RES4LUTION 2016-041
DECLARING THE 4FFICIAL INTENT O� THE C1TY 4F
HOPKINS TO REIMBURSE CERTAIN EXPENDITURES
FROM THE PROCEEDS OF BONDS TO BE ISSUED
BY THE CITY
Proposed Action
-
Sta.ff recominends adoption of the following motion: Move to ado�t Resolution 2016-041 Declari n�
the Of� cial Intent of the City to Reimburse Certain Ex�enditures from the Proceeds of Bonds to be
Issued by the Cit�
Approval of thi s motion vvill allow the city to move forward with c e r t a i n 2 416 r e p a i r w o r k t o
the parking ramp while maintaining a reasonable cash flow and worl�ing capita.l fiind balance in
the parking fund to allow for continued maintenance and repair work on city parking facilities. _
Overview
The park�ing ramp is 3 0 years old and in need. of a wide variety of maintenance and repairs in order to
e�elzd its useful life and enhance the appearance & function of the structure. The work includes concrete
repairs, joint and slab sealing, new stairwell doors and frames, replacing the elnergency and exit lights,
brick repairs and fa�ade cleaning. The total project cost based on the construction low bid asnount is
$410,000. The Parking Fund (Fund 214) does not have the wor�g capita.l available to fund these
improvements out�ight. Therefore, staff is intending to sell bonds to cover the cost of this 2016 work.
Supportin� Information
• Resolution 2016-041
• Parking Ralnp Rehab — Bid tabulation
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Steven J. Stadler
Public Works Director
Financial �npact: $ 410,000 Budgeted : Y Source: Bond Proceeds
Related Docs:
CITY OF HOPKINS, MINNESOTA
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2016-041
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 complete a project to rehabilitate the City Parking Ramp (the
“Project”).
2. The City reasonably expects to reimburse the expenditures made for certain costs of
the Project 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
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,
engineering, 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 original
expenditures for the Project are consistent with the City’s budgetary and financial circumstances.
5. This Declaration is intended to constitute a declaration of official intent for
purposes of the Reimbursement Regulations.
Approved this 17th day of May, 2016, by the City Council of the City of Hopkins, Minnesota.
Molly Cummings, Mayor
Attest:
Amy Domeier, City Clerk
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