2017-033 Declaring the Official Intent to Reimburse Certain Expenditures from GO Improvment Bond ProceedsCITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2017-033
DECLARING THE OFFICIAL INTENT OF THE CITY OF HOPHINS
TO REIMBURSE CERTAIN EXPENDITURES FROM
GENERAL OBLIGATION IMPROVEMENT BOND PROCEEDS
TO BE ISSUED BY THE CITY OF HOPHINS
WHEREAS, the Intemal 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, tUe 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 tbe City Council of the City of Hopkins,
Minnesota:
1. The City intends to incur expenditures 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 projects far the following projects:
a. City Project 2016-10 described in Council Report 2017-046, estimated
project expenditures are $8,524,300.
b. City Project 2014-09 described in Council Report 2017-036, estimated
project expenditures are $5,698,100.
a City SCADA watedsewer monitoring and control system upgrade and
installation oF a flow-paced chlorine feed system at the water treatment
plant, estimated project expenditures are $510,000.
d. City Project 2013-06, Blake Road improvements for engineering, right-of-
way, and utility buria] costs, estimated project expenditures are $3,057,000.
2. The City Manager is authorized to designate additions to the aforementioned
projects in circumstances where time is of tbe 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 4`� day of April,
2017.
By �2'%ly C�,�z���N�,�
Mol y Cummings, Mayor
ATTEST:
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�e T, ��l � ���v�'�
Amy Dome�er, City Clerk