1999-062• CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 99-62
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, the Internal Revenue Service has issued Treas. Reg. #1.150-2 providing that
proceeds oftax-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 maybe 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:
1. The City intends to incur expenditures for the project described in Council Report 99-130
for project 98-17 (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 #98-17 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 purposes of
Treas. Reg. #1.150-2 and any successor law, regulation, ruling or amendment pertaining
thereto.
Approved by the City Council of the City of Hopkins this 20th day of July, 1999.
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Charles D. Redepenning, yor
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