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Last modified
9/19/2011 11:02:23 AM
Creation date
9/19/2011 10:59:58 AM
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Roseville City Council
Document Type
Council Resolutions
Meeting Date
9/12/2011
Resolution #
10927
Resolution Title
RESOLUTION ESTABLISHING PROCEDURES RELATING TO COMPLIANCE WITH REIMBURSEMENT BOND REGULATIONS UNDER THE INTERNAL REVENUE CODE
Resolution Date Passed
9/12/2011
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EXHIBIT A <br /> Declaration of Official Intent <br /> The undersigned, being the duly appointed and acting Finance Director of the City of Roseville, <br /> Minnesota(the "City"),pursuant to and for purposes of compliance with Treasury Regulations, Section <br /> 1.150-2 (the "Regulations"), under the Internal Revenue Code of 1986, as amended, hereby states and <br /> certifies on behalf of the City as follows: <br /> 1. The undersigned has been and is on the date hereof duly authorized by the City Council <br /> of the City to make and execute this Declaration of Official Intent(the "Declaration") for and on behalf <br /> of the City. <br /> 2. This Declaration relates to the following project, property or program(the "Project") and <br /> the costs thereof to be financed: <br /> ❖ Construction of a new Fire Station, with an expected project cost of$8 <br /> million. <br /> 3. The City reasonably expects to reimburse itself for the payment of certain costs of the <br /> Project out of the proceeds of a bond issue or similar borrowing (the "Bonds")to be issued after the date <br /> of payment of such costs. As of the date hereof,the City reasonably expects that $8 million is the <br /> maximum principal amount of the Bonds which will be issued to finance the Project. <br /> 4. Each expenditure to be reimbursed from the Bonds is or will be a capital expenditure or <br /> a cost of issuance, or any of the other types of expenditures described in Section 1.150-2(d)(3) of the <br /> Regulations. <br /> 5. As of the date hereof, the statements and expectations contained in this Declaration are <br /> believed to be reasonable and accurate. <br /> Date: September 12, 2011. <br /> Christopher K. Miller, Finance Director <br /> City of Roseville, Minnesota <br />
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