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<br />MAY <br /> <br />l~' ~) f.J Cr; '", <br />V .\I..1J ~ <br /> <br />O~7 <br /> <br />RESOLUTION NO. ~ <br /> <br />RESOLUTION ESTABLISHING PROCEDURES <br />RELATING TO COMPLIANCE WITH REIKSUP.sEMENT BOND <br />. REGULATIONS UNDER 'I'HE INTERNAL 1U.VENt1E CODE <br /> <br />BE IT RESOLVED by t.he cit.y council (the "council") of the city <br />of [City], Minnesota (the "city"), as follC1o'S; <br /> <br />].. Recit.als. <br /> <br />(a) The Internal Revenue Servict~ has issued 'I'1:"easury <br />Requ~a1:ions, section 1..1!50-2 (as 'the aUle 'may be amended or <br />supplemented, the "}l.egulations"), dea1i::'19 vith "reimburselDent <br />bond II proceeds, being' proceeds of the City's bonds used to <br />reillSDurse the city for any proj Bet. eX"~endi ture paid by the <br />city prior to the tilDe of the issuance of those bonds. <br /> <br />(b) The Requla'tions generally require that. t.he city make <br />a declaration of intent to reimburse itself for such prior <br />expenditures out of the proceeds of subsequently issued bonds, <br />that such decliU"ation be made not later than 60 days_~fter the -~ <br />expenditure is actually paid, and that the bondinq occur and <br />the wri t"ten reimburSe3Zlent a~location be made. from the proceeds <br />of such bonds vit.hin 18 months after the later of (1) the data <br />of payment of the expenditure or (2) the date the project is <br />placed in service (but in no event more than 3 years after <br />actual payment). <br /> <br />(c) The City heretofore implemented procedures for <br />compliance with the predecessor versions of the Regulations <br />and desires t.o amend and supplement those procedures to ensure <br />compliance with the Regulations. <br /> <br />(d) The City's bond counsel has advised the City that <br />the R.equlat.ions do not apply" and hence the provisions of this <br />Resolution are intended to have no application, to payments of <br />:C.i:t:yprojec:t. c:osta.first:made by the, Ci.ty out.'D% ,the proceeds <br />o''t:''bonas issued prior' to the date o~"such' -payments. <br /> <br />2. Official Intent Declaration. .The Requlations, in the <br />situations in which they apply, require 'the city to have declared <br />an official intent (the "Declaration") to reiml)urse itself for <br />previously paid project expenditures out of the proceeds of <br />suDsequently issued bonds. The Council hereby authorizes the city <br />to make the City'S Declarations or to delegate from <br />time to time that responsibi~ity to o'ther appropriate City <br />employees. Each Declaration shall comply vi'th the requirements of <br />the Regulations, including without limitation the following': If-- <br />J~" <br /> <br />20103 <br />