2001-003 City of Hopkins
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2001-03
DECLARING THE OFFICIAL INTENT OF THE CITY OF HOPKINS TO REIMBURSE
CERTAIN EXPENDITURES FROM BOND PROCEEDS TO BE ISSUED BY THE CITY OF
HOPKINS
WHEREAS, 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 requirement 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 (THE "CITY") AS FOLLOWS:
The City intends to incur expenditures for the project described in Council Report
2000-156 for project 00-10 (the "Project"), and intends to reimburse itself for such
expenditures for 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 00-10 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.
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 Hopkins, Minnesota this 2nd day of January, 2001.
Eugene JM~axwell, Mayor
ier, City Clerk