2023-043 Resolution 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 2023-043
RESOLUTION 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
2023-117, for City Project 2023-10 (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 2023-10 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 14th day of
November, 2023.
WJ9W__GeA atrickHanlon, Mayor
Amy Domeier, City Clerk