HomeMy WebLinkAbout2025-018i
--A II��EN�HILLS
CITY OF ARDEN HILLS
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION NO. 2025-018
RESOLUTION PROVIDING
FOR THE ISSUANCE AND SALE OF GENERAL OBLIGATION
CAPITAL IMPROVEMENT PLAN BONDS,SERIES 2025A IN THE
PROPOSED AGGREGATE PRINCIPAL AMOUNT OF$4,680,000
BE IT RESOLVED by the City Council (the "Council") of the City of Arden Hills,
Minnesota(the"City")as follows:
Section 1. Bonds Authorized
1.01. It is hereby found, determined and declared that the City should issue its General
Obligation Capital Improvement Plan Bonds, Series 2025A(the"Bonds")in the aggregate principal
amount not to exceed $4,680,000, in order to finance the City's proportionate share of the
construction and equipping of a new fire station (the "Project"), including costs of issuance of the
Bonds, subject to further details regarding the sale of the Bonds to be set forth in a resolution to be
considered by the Council at a subsequent meeting.
1.02. City staff are authorized and directed to take all other actions necessary to carry out
the intent of this resolution.
Section 2. Authority of Municipal Advisor. Ehlers and Associates, Inc. (the
"Municipal Advisor") is authorized and directed to negotiate the sale of the Bonds. The Council
will meet on Monday,April 28,2025,or another date selected by City staff,to consider proposals on
the Bonds and take any other oth appropriate action with respect to the Bonds.
P
Section 3. Authority of Bond Counsel. The law firm of Kennedy&Graven,Chartered
"Bon Counsel"), n counsel for the City and to assist in the preparation
("Bond Cou se ), is authorized to act as bond c y p p
and review of necessary documents, certificates and instruments relating to the Bonds. The
officers, employees and agents of the City are hereby authorized to assist Bond Counsel in the
preparation of such documents, certificates, and instruments.
Section 4. Covenants. In the resolution awarding the sale of the Bonds, the Council
will set forth the covenants and undertakings required by Minnesota Statutes, Chapter 475, as
amended(the "Act").
Section 5. Official Statement. In connection with the sale of the Bonds,the officers or
employees of the City are authorized and directed to cooperate with the Municipal Advisor and
participate in the preparation of an official statement for the Bonds and to deliver it on behalf of
the City upon its completion.
I
AR200-22-1008899.v 1
Section 6. Declaration of Official Intent to Reimburse Expenditures.
6.01 The Internal Revenue Service has issued Treas. Reg. § 1.150-2 (the
"Reimbursement Regulations") providing that proceeds of tax-exempt bonds used to reimburse
prior expenditures will not be deemed spent unless certain requirements are met;the City expects
to incur certain expenditures with respect to the Project that may be financed temporarily from
sources other than bonds, and reimbursed from the proceeds of tax-exempt bonds.
6.02 The City has determined to make a declaration of official intent(the"Declaration")
to reimburse certain costs with respect to the Project from proceeds of the Bonds in accordance
with the Reimbursement Regulations.
6.03 All reimbursed expenditures will be capital expenditures, costs of issuance of the
Bonds, or other expenditures eligible for reimbursement under Section 1.150-2(d)(3) of the
Reimbursement Regulations.
6.04 This Declaration has been made not later than sixty(60)days after payment of any
original expenditure to be subject to a reimbursement allocation with respect to the proceeds of
the Bonds, except for the following expenditures: (a) costs of issuance of bonds; (b) costs in an
amount not in excess of $100,000 or 5% of the proceeds of an issue; or (c) "preliminary
expenditures" up to an amount not in excess of 20% of the aggregate issue price of the issue or
issues that finance or are reasonably expected by the City to finance the project for which the
preliminary expenditures were incurred. The term "preliminary expenditures" includes
architectural, engineering, surveying, bond issuance, and similar costs that are incurred prior to
commencement of acquisition, construction or rehabilitation of a project, other than land
acquisition, site preparation, and similar costs incident to commencement of construction.
6.05 This Declaration is an expression of the reasonable expectations of the City based
on the facts and circumstances known to the City as of the date hereof. The anticipated original
expenditures for the Project and the principal amount of the Bonds described herein are consistent
with the City's budgetary and financial circumstances. No sources other than proceeds of the
Bonds to be issued by the City are,or are reasonably expected to be,reserved, allocated on a long-
term basis, or otherwise set aside pursuant to the City's budget or financial policies to pay such
expenditures.
6.06 This Declaration is intended to constitute a declaration of official intent for
purposes of the Reimbursement Regulations.
PASSED BY THE CITY COUNCIL OF THE CITY OF ARDE HILLS, NNESOTA ON
THIS LOTH DAY OF FEBRUARY,2025. ,
- ,,,,, / David Grant, Mayor
ATTEST• �4& f N ,`�
Julie Hans , City Clerk
To view the final document,access adopted Resolutions via Arden Hills Public Laserfiche Weblink by visiting cityofardenhills.org and clicking on
Archived Documents under Helpful Links on our main webpage.
2
AR200-22-1008899.v 1