CCP 04-14-1997 - Laserfiche WebLink

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.. .. DECLARATION OF OFFICIAL INTENT The undersigned, being the duly appointed and acting City Administrator of the City of Arden . Hills, Minnesota (the "City"), pursuant to and for purposes of compliance with Treasury . Regulations, Section I. I 03-18 (the "Regulations") under the Internal Revenue Code of 1986, as amended, hereby states and certifies as follows: . L The undersigned has been, and is on the date hereof, duly authorized by the governing body of the City, the City Council, to make and execute this Declaration of Official Intent (the "Declaration") for and on behalf of the City. . This Declaration is a declaration of official intent under Treasury Regulations, Section Ll03-18. . 2. The property, project, or program to which this Declaration relates is generally and functionally described as follows: . The redevelopment ofthe Gateway Business District and associated public improvements. . 3. The specific fund or account of the City from which expenditure to be reimbursed will be paid, and the general functional purpose of that fund or account, are as follows: .. The Arden Hills General Fund 101, Development/Redevelopment Fund 522, . and Permanent Improvement Revolving Loan Fund 501 may be used to finance all land acquisition, engineering, legal, architectural, financial and bond consultant costs associated with the project identified in Item 2 above. . 4. The maximum principal amount of the debt expected to be issued by the City for the purpose of reimbursing and expenditures to which this Declaration relates (the . "Expenditures") is on the date hereof reasonably estimated to be $4, I 00,000. Each of the Expenditures is (or would be with a proper election) a capital expenditure under the federal tax law principles, as described in the Regulations. . 5. The City intends and reasonably expects to reimburse itself for the payment of the Expenditures out of the proceeds of a borrowing (the "Bonds") to be made by the . City after the date of payment of the Expenditures. 6. As of the date hereof, there are no sources of City funds which have been or are . reasonably expected to be allocated or available on a long-term basis, reserved, or otherwise set aside to provide permanent financing for the Expenditures, other . than pursuant to the subsequent issuance of the Bonds. On the basis on the foregoing, the statements and certifications contained in this Declaration are ~ believed to be reasonable and accurate, and this Declaration is believed to be .