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2020-003 Declaring the Official Intent of the City of Hopkins to Reimburse Certain Expenditures from the Proceeds of Equipment Certificates to be Issued by the City CITY OF HOPHINS HENNEPIN COUNTY, MINNESOTA RESOLUTION 2020-003 DECLARING THE OFFICIAL INTENT OF THE CITY OF HOPKINS TO REIMBURSE CERTAIN EXPENDITURES FROM THE PROCEEDS OF EQUIPMENT CERTIFICATES TO BE ISSUED BY THE CITY WHEREAS,the Internal Revenue Service has issued Treas. Reg. § 1.150-02 (the "Reimbursement Regulations") providing that proceeds of tax exempt bonds used to reimburse prior expenditures will not be deemed spent unless certain requirements are met; and WHEREAS, the City of Hopkins, Minnesota (the "City") expects to incur certain expenditures that may be financed temporarily from sources other than bonds, and reimbursed from the proceeds of a tax-exempt bond; WHEREAS, the City has determined to make this declaration of official intent ("Declaration") to reimburse certain costs from proceeds of bonds in accordance with the Reimbursement Regulations. NOW THEREFORE BE IT RESOLVED, that the City Council of the City of Hopkins hereby 1. The City intends to incur expenditures for the purchase of equipment included in the 2020-2024 Equipment Replacement fund for $218,000. 2. The City reasonably expects to reimburse the expenditures made for certain equipment costs from the proceeds of the equipment certificates. All reimbursed expenditures will be capital expenditures, costs of issuance of the bonds, or other expenditures eligible for reimbursement under Section 1.150-2(d)(3) of the Reiinbursement Regulation. 3. This Declaration has been made not later than 60 days after payment of any original expenditure to be subject to a reimbursement allocation with respect to the proceeds of eyuipment certificates, except for the following expenditures: (a) costs of issuance of bonds; (b) costs in an amount not in excess of$]00,000 or 5 percent of the aggregate issue price of the issue. 4. This declaration is an expression of the reasonable expectations of the City based on the facts and circumstances known to the City as of the date hereo£ The anticipated original expenditures for the equipment are consistent with the City's budgetary and financial circumstances. 5. This Declaration is intcnded to constitute a declaration of official intent for thc purposes of the Reimbursement Regulations. Adopted by the City Council of the City of Hopkins this 7`�' day of January, 2020. B . — �Y,���� Jason Gadd, Mayor ATT Amy omeier, City lerk