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<br />, <br /> <br />. <br /> <br />STATE OF MlNNESOTA <br /> <br />COUNTY OF ANOKA <br /> <br />i <br />.1 <br />.\o.\: ~rt'\ <br />~_ t <br /> <br />-,I') <br /><' .. l)' <br />'\,:Y' <br />\ 1 <br /> <br />CITY OF CENTERVILLE <br /> <br />" 1", <br />j ~..". <br />J <br /> <br />RESOLUTION #02-33 <br />RESOLUTION ESTABLISHING PROCEDURES <br />RELATING TO COMPLIANCE WITH REIMBURSEMENT BOND <br />REGULATIONS UNDER THE INTERNAL REVENUE CODE <br /> <br />BE IT RESOLVED by the City Council (the "Council") of the City of Centerville, <br />Minnesota (the "City"), as follows: <br /> <br />1. Recitals. <br /> <br />(a) The Internal Revenue Service has issued Treasury Regulations, Section <br />1.150-2 (as the same may be amended or supplemented, the "Regulations"), dealing with <br />"reimbursement bond" proceeds, being proceeds of bonds used to reimburse the City for <br />any project expenditure paid by the City prior to the time of the issuance of those bonds. <br /> <br />(b) The Regulations generally require that the City (as the issuer of or the <br />primary obligor under the bonds) make a declaration of intent to reimburse itself for such <br />prior expenditures out of the proceeds of subsequently issued bonds, that such declaration <br />be made not later than 60 days after the expenditure is actually paid, and that the bonding <br />occur and the written reimbursement allocation be made from the proceeds of such bonds <br />within 18 months after the later of (I) the date of payment of the expenditure or (2) the <br />date the project is placed in service (but in no event more than 3 years after actual <br />payment). <br /> <br />(c) The City heretofore implemented procedures for compliance with the <br />predecessor versions of the Regulations and desires to amend and supplement those <br />procedures to ensure compliance with the Regulations. <br /> <br />(d) The City's bond counsel has advised the City that the Regulations do not <br />apply, and hence the provisions of this Resolution are intended to have no application, to <br />payments of City project costs first made by the City out of the proceeds of bonds issued <br />prior to the date of such payments. <br /> <br />2. Official Intent Declaration. The Regulations, in the situations in which they apply, <br />require the City to have declared an official intent (the "Declaration") to reimburse itself for <br />previously paid project expenditures out of the proceeds of subsequently issued bonds. The <br />Council hereby authorizes the Administrator to make the City's Declarations or to delegate from <br />time to time that responsibility to other appropriate City employees. Each Declaration shall <br />comply with the requirements of the Regulations, including without limitation the following: <br /> <br />1382917vl <br />