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Attachment A 26 RESOLUTION NO Mum! 29 REGULATIONS UNDER THE INTERNAL REVENUE CODE 30 3 1 BE IT RESOLVED by the City Council the "Council") of the City of Roseville, Minnesota the 32 "City"),, as follows.- 33 1. Recitals. 34 (a) The Internal Revenue Service has issued Treasury Regulations, Section 1.150-2 35 as the same may be amended or supplemented, the "Regulations ")�, dealing with 36 "reimbursement bond" proceeds, being proceeds of bonds used to reimburse the City for any 37 project expenditure paid by the City prior to the time of the issuance of those bonds. 38 (b) The Regulations generally require that the City as the issuer of or the primary 39 obligor under the bonds) make a declaration of intent to reimburse itself for such prior 40 expenditures out of the proceeds of subsequently issued bonds, that such declaration be made °11 not later than 60 days after the expenditure is actually paid, and that the bonding occur and the 42 written reimbursement allocation be made from the proceeds of such bonds within 18 months 43 after the later of (1) the ate Of Davment of the eXDenditure or (2) the date the DroiectiS Dlaced 4 1 4 in service (but in no event more than 3 years after actual payment). 45 (c), The City heretofore implemented procedures for compliance with the 46 predecessor versions of the Regulations and desires to amend and supplement those procedures 47 to ensure compliance with the Regulations. 48 (d), The City's bond counsel has advised the City that the Regulations do not apply, 49 and hence the provisions of this Resolution are intended to have no application,, to payments of City project costs first made by the City out of the proceeds of bonds issued prior to the date of 1 such payments. 2. Official Intent Declaration. The Regulations, i