2000-046 CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 2000-46
DECLARING THE OFFICIAL INTENT OF THE CITY OF HOPKINS
TO REIMBURSE CERTAIN EXPENDITURES FROM
GENERAL OBLIGATION IMPROVEMENT BOND PROCEEDS
TO BE ISSUED BY THE CITY OF HOPKINS
WHEREAS, 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 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 MINNESOTA (THE CITY)AS FOLLOWS:
1. The City intends to incur expenditures for the project described in Council
Report for Project 99-03 (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 99-03 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
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 5th day of July,
2000.
ATTEST:
~erry u~-maier, City Clerk