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2009-04-22 CC Packet
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2009-04-22 CC Packet
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<br />COUNTYOFANOKA <br />CITY OF CENTERVILLE <br /> <br />RES. #09-0_ <br /> <br />REIMBURSEMENT RESOLUTION ASSOCIATED WITH TRAIL PROJECT <br />2009.03 <br /> <br />WHEREAS, the City of Centerville, Minnesota (the "City") desires to construct needed <br />public improvements associated Trail Grant Project MNDOT Project # SP 02-090-01, <br />City Project Number 2009.03 and; <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 />$1,400,000, and; <br /> <br />WHEREAS, the city has a commitment for grant and funding from the Minnesota <br />Department of Transportation in the amount of $791 ,280 to finance a portion of the cost, <br />however such funds would not be paid until 2012. <br /> <br />NOW, THEREFORE, BE IT RESOLVED THAT: <br /> <br />In order to comply with Federal Treasury Regulations 1.150-2, the City Council states that <br />the City intends to reimburse expenditures for Improvements with proceeds of the Bonds, by <br />making the following declaration: <br /> <br />I) The City reasonably expects to reimburse itself for the expenditures made for <br />Improvements with proceeds from grants from Minnesota Department of <br />Transportation when the funds are available. <br /> <br />2) The maximum principal amount of debt, including expected to be issued for <br />reimbursement purposes including bond issuance costs is $1,400,000, which may <br />be issued in one or more series. <br /> <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 /> <br />Page 1 of2 <br /> <br />32 <br />
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