2018-062 Declaring the Official Intent of the City of Hopkins to Reimburse Certain Expenditures from the Proceeds of Bonds to be Isssued by the City CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 2018-062
DECLARING THE OFFICIAL INTENT OF THE CITY OF
HOPKINS TO REIMBURSE CERTAIN EXPENDITURES FROM
THE PROCEEDS OF BONDS TO BE ISSUED BY THE CITY
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:
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 of$4,500,000 for the City Hall Project described in Council Report
2018-085.
2. The City Manager is authorized to designate additions to the aforementioned projects
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 this 11'" day of July, 2018.
Y. 11' �
3
Molly Obmmings, Mayor
ATTEST:
J2A
Amy Domeier, City Clerk