2017-084 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 CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2017-084
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:
1. The City intends to incur expenditures for the project described in Council Report
2017-138, for City Project 2017-10 (the "Project"), and intends to reimburse itself
for such expenditures from the bond proceeds to be issued by the City in the
maximum principal amount described in the "project".
2. The City Manager is authorized to designate additions to Project 2017-10 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 5tht" day of
December, 2017.
By
Mo1jr Cummings, ayor
ATTEST:
CiMA) LOA
Amy Domeier, City Clerk