2001-006CITY OF HOPKINS
Hennepin County, Minnesota
RESOLUTION NO. 2001-06
DECLARING THE OFFICIAL INTENT OF THE CITY OF HOPKINS TO REIMBURSE
CERTAIN EXPENDITURES FROM BOND PROCEEDS TO BE ISSUED BY THE CITY
OF. HOPKINS
WllEREAS, as 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 Council 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:
The City intends to incur expenditures for the project described in Council Report
2000-200 for project 98-12 (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".
The City Manager is authorized to designate additions to project 98-12 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.
o
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.
Adopted by the City Council of the City of Hopkins this 16th day of January, 2001.
Eugene'. Max~ell, Mayor
ATTEST: