Res. #09-011 - Reimbursement Res. Downtown Area Drainage

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COUNTY OF ANOKA CITY OF CENTERVILLE RESOLUTION #09-011 REIMBURSEMENT RESOLUTION WHEREAS, the City of Centerville, Minnesota (the "City") desires to construct needed public improvements associated with the Downtown Area Drainage Improvement, consisting of the (the "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 $1,000,000, and; WHEREAS, the city has applied for grant and loan funding from the Public Facilities Authority to finance a portion of the cost. 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 Improvements with proceeds of debt to be incurred by the City and from grant and loan funding from the Public Facilities Authority. 2) The maximum principal amount of debt, including expected to be issued for reimbursement purposes including bond issuance costs is $1,000,000, 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. Page I of2