Res. #12-025 - Resolution Associated with Improvement Bonds

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CITY OF CENTERVILLE RESOLUTION #12 -025 REIMBURSEMENT RESOLUTION ASSOCIATED WITH IMPROVEMENT BONDS WHEREAS, the City of Centerville, Minnesota (the "City ") desires to construct needed public improvements in 2013 -2015 (Improvements) and; WHEREAS, in connection with the Improvements, the City intends to authorize the issuance of general obligation bonds (the "Bonds ") in an aggregate amount not to exceed $1,700,000, and; NOW, THEREFORE, BE IT RESOLVED THAT: In order to comply with Federal Treasury Regulations 1.150 -2, the City Council states that the City intends to reimburse expenditures for Improvements with proceeds of the Bonds, by making the following declaration: 1) The City reasonably expects to reimburse itself for the expenditures made for engineering, surveying, appraisals, right of way acquisition and other costs related to the Improvements with proceeds from the issuance of bonds. 2) The maximum principal amount of debt, including expected to be issued for reimbursement purposes including bond issuance costs is $1,700,000, which may be issued in one or more series. 3) A reimbursement allocation of the expenditures for the Improvements with the proceeds of the borrowing described here will occur not later than 18 months after the later of (i) the date on which the expenditure is paid, or (ii) the date the Improvement is placed in service, but in no event more than three (3) years after the original expenditure is paid. A reimbursement allocation is an allocation in writing that evidences the City's use of the proceeds of the debt to be issued for the City to reimburse the City for a capital expenditure made pursuant to this Resolution. 4) This Resolution is adopted to indicate the intent of the City only, and does not bind the City to construct any portion of the Improvement or to issue any obligations of the City. Adopted by the City Council this 24th day of October, 2012.