2003-032
CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2003-032
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 FOLLOWS:
1. The City intends to incur expenditures for the project described in Council Report
2002-82, for City Project 01-06 (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 01-06 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 1st day of April, 2003
BY~~
E gen J. Maxwell, Mayor