2012-046 Improvement BondsCITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2012-046
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 bond proceeds;
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
HOPKINS, MINESOTA (THE CITY) AS FOLLOWS:
The City intends to incur expenditures for the replacement of water meters for all
businesses and residences in the City of Hopkins. This is five year project covering
2009-2013 of which three years have been done and the remaining two years 2012-
2013 need to be funded.
2. The remaining two years of project costs for 2012-2013 are expected to total
approximately $215,000.
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 10th day of July 2012.
By
Eugene J. axwell, Mayor
ATTEST: �g
Kristine A Luedke, City Clerk