2014-011 Reimburse Expenditures from General Improvement BondCITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2014-011
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 FOLLLOWS:
1. The City intends to incur expenditures for the project described in Council Report
2014-019, for City Project 2013-14 (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 2013-14 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 18`x' day of February, 2014
By: 4'
EugdKe J. Zaxwell, Mayor
ATTEST:
Kristine A. Luedke, City Clerk