1997-065
CITY OF HOPKINS, MINNESOTA
RESOLUTION NO. 97-65
DECLARING THE OFFICIAL INTENT OF THE
CITY OF HOPKINS TO REIMBURSE
CERTAIN EXPENDITURES FROM THE PROCEEDS
OF BONDS TO BE ISSUED BY THE CITY
WHEREAS, the Internal Revenue Service has issued Treas. Reg. No. 1.150-2
providing that proceeds of tax-exempt bonds used to reimburse prior expenditures will 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 proceeds of a bond;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF HOPKINS (THE "CITY") AS FOLLOWS:
1. The City reasonably intends to make expenditures for the project described
in Exhibit A (the "Project"), and reasonably intends to reimburse itself for such
expenditures from the proceeds of debt to be issued by the City in the maximum principal
amount described in Exhibit A.
2. The City Manager is authorized to designate appropriate additions to
Exhibit A 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 as provided in Section 3.
3. This resolution is intended to constitute a declaration of official intent for
purposes ofTreas. Reg. No. 1.150-2 and any succeeding law, regulation, or ruling.
Approved by the City Council of the City of Hopkins this 17th day of June, 1997.
CITY OF HOPKINS, MINNESOTA
Attest:
c.\)-~ CJ~~'''-
Mayor
~
Date of
Declaration
June 17, 1997
EXHmIT A
TO OFFICIAL INTENT RESOLUTION
ADOPTED JUNE 17, 1997
Description ofProiect
Hopkins Center for the Arts
Maximum Principal
Amount of Debt
for Proiect
$650,000