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2000-08-09 CC
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2000-08-09 CC
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<br /> <br />tervi[[e <br />Tstab{isfzd 1857 <br /> <br />1880 :Main Street . Centervi{{e,:M'J{ 55038 <br />(651) 429.3232 . 'j'ax:. (651) 429-8629 <br /> <br />STATE OF MINNESOTA <br />COUNTY OF ANOKA <br />CITY OF CENTERVILLE <br /> <br />RESOLUTION 00 -14 <br /> <br />RESOLUTION RELATING TO FINANCING OF CERTAIN PROPOSED PROJECTS TO BE <br />UNDERTAKEN BY THE CITY OF CENTERVILLE ESTABLISHING COMPLIANCE WITH <br />REIMBURSEMENT BOND REGULATIONS UNDER THE INTERNAL REVENUE CODE. <br /> <br />WHEREAS, the Internal Revenue Service has issued Section 1.103-18 of the Income Tax <br />Regulations (the "Regulations") dealing with the issuance of bonds, all or a portion of the <br />proceeds of which are to be used to reimburse the City for project expenditures made by the City <br />prior to the time of the issuance of the bonds; and <br /> <br />WHEREAS, the Regulations generally require that the City make a prior declaration of its <br />official intent to reimburse itself for such prior expenditures out of the proceeds of a <br />subsequently issued borrowing, that the borrowing occur and the reimbursement allocation be <br />made from the proceeds of such borrowing within one year of the payment of the expenditure or, <br />if longer, within one year of the date the project is placed in service, and that the expenditure be <br />a capital expenditure; and <br /> <br />WHEREAS, the City desires to comply with requirements of the Regulations with respect <br />to certain projects hereinafter identified; <br /> <br />NOW THEREFORE BE IT RESOLVED that the City of Centerville, Minnesota adopt a <br />"declaration of official intent" pursuant to Section 1.103-18 of the Regulations. <br /> <br />1. Official Intent Declaration <br /> <br />(a) The City proposes to undertake the following projects described on <br />Exhibit A attached hereto. <br /> <br />(b) Other than (i) expenditures to be paid or reimbursed from sources other <br />than a borrowing or (ii) expenditures permitted to be reimbursed <br />pursuant to the transition provision of Section 1.103-18(1 )(2) of the <br />Regulations or (iii) expenditures constituting preliminary expenditures <br />as defined in Section 1.103( 1 )(2) of the Regulations, no expenditures for <br />the foregoing projects as identified on Exhibit A have heretofore been <br />made by the City and no expenditures will be made by the City until <br />after the date of this Resolution. <br /> <br />. <br /> <br />(c) The City reasonably expects to reimburse the City expenditures made <br />for costs of designated projects out of the proceeds of debt (the "Bonds") <br />to be incurred by the City after the date of payment of all or a portion of <br />the costs. All reimbursed expenditures shall be capital expenditures as <br />defined in Section 1.150-1 (h) of the Regulations. <br />
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