2000-009 CITY OF HOPKINS
Hennepin County, Minnesota
RESOLUTION NO. 2000-009
DECLARING THE OFFICIAL INTENT OF THE CITY OF HOPKINS TO
REIMBURSE CERTAIN EXPENDITURES FROM 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, THERE FORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF HOPKINS MINNESOTA (THE CITY) AS FOLLOWS:
1. The City intends to incur expenditures for the project described in Cotmcil
Report for project #98-06 (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 98-06 in
circutnstances 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
put-pose 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 this 15th day of Febrnary,
2000.
Eugene J. Maxwell, Mayor
ATTEST: //~,_
/../"' ~ (ff"'Terry Obermaier, City Clerk