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2012-10-24 CC Packet
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2012-10-24 CC Packet
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10/19/2012 2:57:00 PM
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CITY OF CENTERVILLE <br /> RESOLUTION #12- <br /> • REIMBURSEMENT RESOLUTION ASSOCIATED WITH IMPROVEMENT <br /> BONDS <br /> WHEREAS, the City of Centerville, Minnesota (the "City ") desires to construct needed <br /> public improvements in 2013 -2015 (Improvements) and; <br /> WHEREAS, in connection with the Improvements, the City intends to authorize the <br /> issuance of general obligation bonds (the "Bonds ") in an aggregate amount not to exceed <br /> $1,700,000, and; <br /> NOW, THEREFORE, BE IT RESOLVED THAT: <br /> In order to comply with Federal Treasury Regulations 1.150 -2, the City Council states <br /> that the City intends to reimburse expenditures for Improvements with proceeds of the <br /> Bonds, by making the following declaration: <br /> 1) The City reasonably expects to reimburse itself for the expenditures made for <br /> engineering, surveying, appraisals, right of way acquisition and other costs related <br /> to the Improvements with proceeds from the issuance of bonds. <br /> 2) The maximum principal amount of debt, including expected to be issued for <br /> reimbursement purposes including bond issuance costs is $1,700,000 which may <br /> 1111 be issued in one or more series. <br /> 3) A reimbursement allocation of the expenditures for the Improvements with the <br /> proceeds of the borrowing described here will occur not later than 18 months after <br /> the later of (i) the date on which the expenditure is paid, or (ii) the date the <br /> Improvement is placed in service, but in no event more than three (3) years after <br /> the original expenditure is paid. A reimbursement allocation is an allocation in <br /> writing that evidences the City's use of the proceeds of the debt to be issued for <br /> the City to reimburse the City for a capital expenditure made pursuant to this <br /> Resolution. <br /> 4) This Resolution is adopted to indicate the intent of the City only, and does not <br /> bind the City to construct any portion of the Improvement or to issue any <br /> obligations of the City. <br /> Adopted by the City Council this day of , 2012. <br /> Tom Wilharber, Mayor <br /> Attest: <br /> • Teresa Bender, Clerk <br /> 75 <br />
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