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<br />~ <br /> <br />".a <br /> <br />-:r <br /> <br />!;. 1: <br /> <br />., <br /> <br />Resolution No q 7. - n 53 <br /> <br />State of Minnesota <br />County of Ramsey <br />City of New Brighton <br /> <br />-l <br /> <br />~ ~ '"," <br /> <br />RESOLurION TO REIMBURSE EXPENDITURES FR(M OOND PRCX:EEDS <br /> <br />WHEREAS, the Internal Revenue Service has issued Tres Reg. . 1.103-18 <br />providing that proceeds of tax-exempt bonds used to reimburse prior expenditures <br />will not be deemed spent unless certain requirements are met; and <br /> <br />WHEREAS, the City expects to incur certain expenditures which may be <br />financed temporarily from sources other than bonds, and reimbursed from the <br />proceeds of a bond; and <br /> <br />WHEREAS, the reimbursement rules apply to bonds issued after March 2, 1992; <br /> <br />NOW, THEREFORE. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF New Brighton (THE "CITY") AS FOLLOWS: <br /> <br />1. The City reasonably intends to make expenditures for the project <br />described in Exhibit A (the "Project"), and reasonably intends to reimburse itself <br />for such expenditures from the proceeds of debt to be issued by the City in the <br />maximum principal amount described in Exhibit A. <br /> <br />2. The City' s Finance Director is authorized to designate appropriate <br />additions to Exhibit A in circumstances where time is of the essence, and any such <br />designation shall be reported to the Council at the earliest practicable date and shall <br />be filed with the official books and records of the City as provided in Section 3. <br /> <br />3. This resolution shall be maintained as part of the books and records of <br />the City at the main administrative office of the City, and shall be continuously <br />available during normal business hours of the City on every business day of the <br />period beginning not more than 30 days after adoption of this resolution and ending <br />on the last date of issue of any bonds issued to reimburse expenditures described <br />in Exhibit A. <br /> <br />4. This resolution is an expression of the reasonable expectations of the <br />City based on the facts and circumstances known to the City as of the date hereof. <br />The anticipated reimbursements set forth at Exhibit A are consistent with the City's <br />budgetary and financial circumstances. No sources other than proceeds of bonds <br />to be issued by the City are, or are reasonably expected to be, reserved, allocated <br />on a long-term basis, or otherwise set aside pursuant to the City's budget or <br />financial policies to pay such Project expenditures. The City has not adopted any <br />allocation, budget, or restriction of moneys or adoption of a requirement or policy <br />to reimburse a fund, the primary purpose of which is to prevent moneys from being <br />available to pay an expenditure the City intends to reimburse with proceeds of a <br />borrowing. <br /> <br />5. This resolution is intended to constitute a declaration of official intent <br />for purposes of Tres. Reg. ~ L 103-18 and any successor law, regulation, or ruling. <br /> <br />1 <br />