My WebLink
|
Help
|
About
|
Sign Out
Home
CC_Minutes_2011_1212
Roseville
>
City Council
>
City Council Meeting Minutes
>
201x
>
2011
>
CC_Minutes_2011_1212
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
1/25/2012 9:01:28 AM
Creation date
1/25/2012 9:01:20 AM
Metadata
Fields
Template:
Roseville City Council
Document Type
Council Minutes
Meeting Date
12/12/2011
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
71
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
"reimbursement proceeds" of the Bonds, being those portions thereof which will be used by the <br /> City to reimburse itself for any expenditure which the City paid or will have paid prior to the <br /> Closing Date (a "Reimbursement Expenditure"). <br /> The City hereby certifies and/or covenants as follows: <br /> (a) Not later than sixty days after the date of payment of a Reimbursement <br /> Expenditure, the City (or person designated to do so on behalf of the City) has made or will have <br /> made a written declaration of the City's official intent (a "Declaration") which effectively(i) <br /> states the City's reasonable expectation to reimburse itself for the payment of the Reimbursement <br /> Expenditure out of the proceeds of a subsequent borrowing; (ii) gives a general and functional <br /> description of the property, project or program to which the Declaration relates and for which the <br /> Reimbursement Expenditure is paid, or identifies a specific fund or account of the City and the <br /> general functional purpose thereof from which the Reimbursement Expenditure was to be paid <br /> (collectively the "Project"); and (iii) states the maximum principal amount of debt expected to be <br /> issued by the City for the purpose of financing the Project; provided, however, that no such <br /> Declaration shall necessarily have been made with respect to: (i) "preliminary expenditures" for <br /> the Project, defined in the Reimbursement Regulations to include engineering or architectural, <br /> surveying and soil testing expenses and similar prefatory costs, which in the aggregate do not <br /> exceed twenty percent of the "issue price" of the Bonds, and (ii) a de minimis amount of <br /> Reimbursement Expenditures not in excess of the lesser of$100,000 or five percent of the <br /> proceeds of the Bonds. <br /> (b) Each Reimbursement Expenditure is a capital expenditure or a cost of issuance of <br /> the Bonds or any of the other types of expenditures described in Section 1.150-2(d)(3) of the <br /> Reimbursement Regulations. <br /> (c) The "reimbursement allocation" described in the Reimbursement Regulations for <br /> each Reimbursement Expenditure shall and will be made forthwith following(but not prior to) <br /> the issuance of the Bonds and in all events within the period ending on the date which is the later <br /> of eighteen months after payment of the Reimbursement Expenditure or one year after the date <br /> on which the Project to which the Reimbursement Expenditure relates is first placed in service, <br /> but not more than three years after the date of the Reimbursement Expenditure. <br /> (d) Each such reimbursement allocation will be made in a writing that evidences the <br /> City's use of Bond proceeds to reimburse the Reimbursement Expenditure and, if made within <br /> thirty days after the Bonds are issued, shall be treated as made on the day the Bonds are issued. <br /> Provided, however,that the City may take action contrary to any of the foregoing covenants in <br /> this paragraph upon receipt of an opinion of its Bond Counsel for the Bonds stating in effect that <br /> such action will not impair the tax-exempt status of the Bonds. <br /> 20. Certificate of Registration. The Manager is hereby directed to file a certified copy <br /> of this resolution with the County Auditor of Ramsey County, Minnesota,together with such <br /> other information as the County Auditor shall require, and to obtain from the County Auditor the <br /> certificate that the Bonds have been entered in the County Auditor's Bond Register and that the <br /> tax levy required by law has been made. <br /> 18 <br /> 4359970x1 <br />
The URL can be used to link to this page
Your browser does not support the video tag.