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<br /> <br />tervilCe <br />T,sta6{isfiet{ 1857 <br /> <br />1880 9dllin Street . Centervilfe, 9J.g( 55038 <br />(651) 429-3232 . fj'~(651) 429-8629 <br /> <br />STATE OF MINNESOTA <br />COUNTY OF ANOKA <br />CITY OF CENTERVILLE <br /> <br />RESOLUTION ##06-031 <br /> <br />REIMBURSEMENT RESOLUTION <br /> <br />WHEREAS, the City of Centerville, Minnesota (the "City") desires to construct needed <br />public improvements (the ''Improvements''); <br /> <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 />$4,000,000; <br /> <br />NOW,TBEREFORE, BE IT RESOLVED THAT: <br /> <br />1. In order to comply with Federal Treasury Regulations 1.150-2, the City Council <br />states that the City intends to reimburse expenditures for Improvements with <br />proceeds of the Bonds, by making the following declaration: <br /> <br />a. The City reasonably expects to reimburse itself for the expenditures made <br />for Improvements with proceeds of debt to be incurred by the City. <br /> <br />b. The maximum principal amount of debt expected to be issued for <br />reimbursement purposes including bond issuance costs is $4,000,000, <br />which may be issued in one or more series. <br /> <br />1- <br /> <br />c.. A reimbursement allocation of the expenditures for the Improvements <br />with the proceeds of the borrowing described here will occur not later than <br />18 months after the later of (i) the date on which the expenditure is paid, <br />or (Ii) the date the Improvement is placed in service, but in no event more <br />than" three (3) years after the original expenditure is paid. A <br />reimbursement. allocation is an allocation in writing that evidences the <br />-- - -- city's use of the pl~ of the debt to be issued for the City to _ ~ _ __ <br />reimburse the City for a capital expenditure made pursuant to this. - <br />Resolution. <br /> <br />d. This Resolution is adopted to indicate the intent of the City only, and does <br />not bind the City to construct any portion of the Improvement or to issue <br />any obligations of the City. <br /> <br />$ <br />