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EXTRACT OF MINUTES OF MEETING <br /> OF THE <br /> CITY COUNCIL OF THE CITY OF ROSEVILLE <br /> Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of <br /> Roseville, County of Ramsey, Minnesota was duly held on the 6th day of November 2023, at <br /> 6:00 p.m. <br /> The following members were present: Strahan, Etten, Schroeder, Groff, and Mayor Roe; <br /> and the following were absent:None. <br /> Member Strahan introduced the following resolution and moved its adoption: <br /> RESOLUTION No. 12031 <br /> RESOLUTION ESTABLISHING PROCEDURES <br /> RELATING TO COMPLIANCE WITH REIMBURSEMENT BOND <br /> REGULATIONS UNDER THE INTERNAL REVENUE CODE <br /> BE IT RESOLVED by the City Council (the "Council") of the City of Roseville, <br /> Minnesota(the "City"), as follows: <br /> 1. Recitals. <br /> (a) The Internal Revenue Service has issued Treasury Regulations, Section <br /> 1.150-2 (as the same may be amended or supplemented, the "Regulations"), dealing with <br /> "reimbursement bond"proceeds, being proceeds of bonds used to reimburse the City for <br /> any project expenditure paid by the City prior to the time of the issuance of those bonds. <br /> (b) The Regulations generally require that the City(as the issuer of or the <br /> primary obligor under the bonds)make a declaration of intent to reimburse itself for such <br /> prior expenditures out of the proceeds of subsequently issued bonds, that such declaration <br /> be made not later than 60 days after the expenditure is actually paid, and that the bonding <br /> occur and the written reimbursement allocation be made from the proceeds of such bonds <br /> within 18 months after the later of(1)the date of payment of the expenditure or(2)the <br /> date the project is placed in service(but in no event more than 3 years after actual <br /> payment). <br /> 2. Official Intent Declaration. The Regulations, in the situations in which they <br /> apply,require the City to have declared an official intent(the"Declaration")to reimburse itself <br /> for previously paid project expenditures out of the proceeds of subsequently issued bonds. The <br /> Council hereby authorizes the Finance Director to make the City's Declarations or to delegate <br />