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<br />CITY OF ARDEN HILLS <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION No. 2016-012 <br /> <br />DECLARING THE OFFICIAL INTENT OF THE CITY OF ARDEN HILLS, <br />MINNESOTA TO REIMBURSE CERTAIN EXPENDITURES FROM THE <br />PROCEEDS OF TAX-EXEMPT BONDS TO BE ISSUED BY THE CITY <br /> <br /> <br /> WHEREAS, the City of Arden Hills, Minnesota (the “City”) is a statutory city duly <br />organized and existing under the Constitution and laws of the State of Minnesota; and <br /> <br /> WHEREAS, the Internal Revenue Service has issued Treas. Reg. § 1.150-2 <br />(the “Reimbursement Regulations”) providing that proceeds of tax-exempt bonds used to reimburse <br />prior expenditures will not be deemed spent unless certain requirements are met; and <br /> <br /> WHEREAS, the City expects to incur certain expenditures, including costs of public <br />improvements related to the Twin Cities Army Ammunition Plant site in the City (the Project”), that <br />may be financed temporarily from sources other than tax-exempt bonds and other obligations, and <br />reimbursed from the proceeds of a tax-exempt bonds or other obligations; <br /> <br /> WHEREAS, the City has determined to make this declaration of official intent (the <br />“Declaration”) to reimburse certain costs from proceeds of tax-exempt bonds or other obligations in <br />accordance with the Reimbursement Regulations. <br /> <br /> THEREFORE, BE IT RESOLVED that: <br /> <br /> 1. The City reasonably expects to reimburse the expenditures made for certain costs of <br />the Project from the proceeds of general obligation bonds of the City in an estimated maximum <br />principal amount of $10,000,000. All reimbursed expenditures will be capital expenditures, costs of <br />issuance of the tax-exempt bonds or other obligations, or other expenditures eligible for <br />reimbursement under Section 1.150-2(d)(3) of the Reimbursement Regulations. <br /> <br /> 2. This Declaration has been made not later than 60 days after payment of any <br />original expenditure to be subject to a reimbursement allocation with respect to the proceeds of <br />tax-exempt bonds or other obligations, except for the following expenditures: (a) costs of <br />issuance of bonds or other obligations; (b) costs in an amount not in excess of $100,000 or 5 percent <br />of the proceeds of an issue of bonds or other obligations; or (c) “preliminary expenditures” up to an