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.CITY OF GEM LAKE RESOLUTION NO.2006-06 Zi February 2006 A RESOLUTION. DECLARING THE .OFFICIAL INTENTOF THE CITY OF CEM LAKE. RA MSEY COUNTY, MI NNESOTA TO REIMBURSE CE RTA IN ORIGINAL. EXPENDITURES. FOR GOVERNMENTAL PURPOSES FROM THE. PROCEEDS Or.E CMP.T BONDS To BE. ISSUED BY THE CiTY OF CEM LAKE, RAMS.FrY COUNTY, M1JJJ OTA AFTER THE PAYMENT OF SUCH ORIGINAL EXPENDITURES. tVHGRCAS, Treasury Regulations, Section I.15.0- .(the "Reimbursement.Regulation"), pr6mulgated pursuant to Section 150 of the Internal Revenue Code of 1:986 a -amended (the.".Cpoe"), provides that the allocation of proceeds of tax-exempt. bonds to.expenditures for.governmentai purposes Originally paid from. a.source other than such t7z-cxernpt l�otids will be treated. as expenditures of such tax-exempt bonds only if certain.requir•ements of the Reiiiibursement >;eg*ulatiitn are satisfied by the :issuer of such tax-exempt bonds;..and WILREAS-the City ofGern Lake; Ramsey County. Minnesota, a statutory city and a. political subdivision :ofthz State Of Minnesota (tile "City'), expects to incur certain original expenditures for governmental purposes. to be financed temporarily from. sources other than proceeds of tax-exempt bonds and which are expected to be reimbursed front the proceeds .of one or more series tax-exempt bonds; now, therefore, be it -R-9SOLVED, by the. City CounFil.of the City of*Gem Lake as follows: 1; The City has a reasonable expectation (within tiie meaning of Treasury Regulatioins; Section 1.148-1(bJ) that it will make expenditures for the projects generally described in EXHIBIT A. attached to this resolution (.the "'Protects"). The City has a reasonable expectation. that it will issue one or more series of tax-exempt bands (rite • Boirds) for each of the Proiects in the estimated maximumprincipal-ainounts set forth in EXHIBIT A and that i; will »take reimburseinent allocations with respect to:sueh origins).*expenditures born the proceeds tifsuclt Bonds. 2. The City Clerk is authorized to designate appropriate additions to EXHIBIT A. in circumstances where+ time - is ofthe essence, and any suet -designation shall be reported to:the .City Council at the earliest practicable date and Aiall be filed with the official books and records of the City as provided in Section 3. 3, 'This resolution shall be maintained aspart ofthe books and records ofthe City at the train adniinistrafivc bliice oklie Cite, and shall be continuously available during normal business hours ofthe 0ty on every business day of die period beginning not more.than .thirty (30) days after adoption of this resolution and. ending on the last date of issue of any Bonds issuedto reimburse: expenditures described in EXHIBIT A: 4. This resolution has been adopted.not later than sixty (60) days. after payment of any original expenditure to be subject to a reintbursentent allocation with respect to the proceeds of the Bonds: . All , eitiiburseinent.allocations with respect to the Bonds will be made not later than eighteen (18) months after -the later.of: (1) the date the original expenditure is paid; or (ii) the date the.. Project is. placed'in.service or abandoned, brit. in no event more than three (3) .years after the original expenditure. 6, All.briginai expenditures to which reimbursetnentallocations.are to be madeconstitnte; (1)caoitatexi errdittires; (ii) costs:ofissuance of the Bonds; (iii)expenditures forextraordinary, non -recurring i.terns tharamnat cusioniarfly payablefrom current revenues, such as casualty losses or extraordinary legal judgeirerits in: an, units iiz.cxcess of reasonable. ins..urance coverage; and fail which iio reserve is maintained; .or (iv) a. grant (as defined in Treasury i . gtrlations. Section 1.14$-6(0)(4); as a transfer for a governmental purpose of money or property to a transteree, t hat is not a related party to or an agent -of the transferor with respect to which no obfigation :or condition is imposed. to directly. or indirectly repay arty amount. to the transferor).. 7. The limitations set .forth in.par•agraplis 4 arnd 5 of tliiis resolution.do trot apply to: (f) the costs of issuance of the Bonds: (ii) an amount not in excess.of the. lesser of.$100,000 or five (5%) perceiit.of the.proceeds of the Boils or(iii) preliminary expenditures up to an amount. not in excess of twenty (20%) percent orthe aggregate issue price ofthe Bonds that finance or are reasonably expected by the City to finance the.' Projects. for which the preliminary expenditures were incurred. Tile term "preliminary expenditures" includes architectural; engineering; surveying, soil testing, reinibursenient for bond issuance, and similar. costs that are incurred prior to commencement of arquisitian, construction orrehabilitation ofa Project, other than land acquisition, site preparation,and siaiilar.costs in.cide.nt to commencement of construction; Paged of 6