1999-037(:1TY OF HUPKINS
HENNEPIN COUNTY, MINNESOTA
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RESOLUTION 99-037
DECLARING THE OFFICIAL INTENT OF THE CITY OF HOPHINS TO
REIl1'IBURSE CERTAIN EXPENDITURES FROM BOND PROCEEDS TO BE
ISSUED BY THE CITY OF HOPHINS
WHEREAS, the Internal Revenue Service has issued Treas. Reg. # 1.150-2 providing that proceeds
oftax-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 (THE "CITY") AS FOLLOWS:
1. The City intends to incur expenditures for the project described in Council Report 99-087
for project #98-16 (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 #98-16 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 purposes of
Treas. Reg. # 1.150-2 and any successor law, regulation, ruling or amendment pertaining thereto.
Approved by the City Council of the City of Hopkins this 18th day of May, 1999.
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`~ Terry Q~ier, City Clerk
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