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~ ." CITY OF NEW BRIGHTON, MINNESOTA RESOLUTION NO. 02-016 AUTHORIZING FINANCE DIRECTOR TO DECLARE THE OFFICIAL INTENT OF THE CITY OF NEW BRIGHTON TO REIMBURSE CERTAIN EXPENDITURES FROM THE PROCEEDS OF BONDS TO BE ISSUED BY THE CITY WHEREAS, the Internal Revenue Service has issued Treas. Reg. ~ 1.1S0-2 (the "Redmbursement Regulations") providing that proceeds of tax-exempt bonds used to reimburse priqri expenditures will not be deemed spent unless certain requirements are met; and WHEREAS, the City from time to time expects to incur certain expenditures which may be fimmced temporarily from sources other than bonds, and reimbursed from the proceeds of a tax- exempt bond; and WHEREAS, the Reimbursement Regulations permit the City to authorize an appropriate per$q>n to declare the official intent of the City to incur costs to be reimbursed from later bond proc;:eeds; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NEW BRIGHTON (THE "CITY") AS FOLLOWS: 1. The City authorizes the Finance Director to declare the official intent of the City to incur costs to be reimbursed from proceeds of bonds in accordance with the Reimbursement Regttlations. 2. The Finance Director is authorized and directed to make such declarations by executing a Declaration of Official Intent in substantially the form attached hereto as Exhibit A (a "Declaration"). In accordance with the Reimbursement Regulations, such declarations shall be ma4~ no later than 60 days after the payment of any expenditure that is reasonably expected to be reimbursed from proceeds of tax exempt bonds. 3. In accordance with the Reimbursement Regulations, each Declaration must generally describe the project for which the original expenditure is paid and state the maximum principal amount of bonds (whether taxable or tax-exempt) expected to be issued for the project. A project includes any property, project or program (e.g. street capital improvement program). A projiect may be described by identifying--by name and functional purpose--the fund or account from whiQb the original expenditure is paid (e.g. parks and recreation fund-recreational facility capital improvement program). 4. Each Declaration shall be filed with the official books and records of the City. 5. Notwithstanding anything to the contrary in this resolution, execution of a Dec:llllation by the Finance Director in the form attached as Exhibit A is not the exclusive means by SJB-~Qg366vl NE136..26