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10/24/2012 11:54:52 AM
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Roseville City Council
Document Type
Council Resolutions
Meeting Date
10/22/2012
Resolution #
11020
Resolution Title
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF$15,685,000 GENERAL OBLIGATION BONDS, SERIES 2012A AND LEVYING A TAX FOR THE PAYMENT THEREOF
Resolution Date Passed
10/22/2012
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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 /> 21. Continuing Disclosure. The City is the sole obligated person with respect to the <br /> "Rule"), <br /> The City hereby agrees, in accordance with the provisions of Rule 15c2-12 (the Rule ), <br /> promulgated by the Securities and Exchange Commission (the "Commission")pursuant to the <br /> 17 <br /> 4990921v1 <br />
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