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2003-032 CITY OF HOPKINS HENNEPIN COUNTY, MINNESOTA RESOLUTION NO. 2003-032 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 2002-82, for City Project 01-06 (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 01-06 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 1st day of April, 2003 BY~~ E gen J. Maxwell, Mayor