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<br />~ <br />. <br /> <br />CITY OF ROSEVILLE, MINNESOTA <br />RESOLUTION NO. 8707 <br /> <br />DECLARING THE OFFICIAL INTENT OF THE CITY OF <br />ROSEVILLE TO REIMBURSE CERTAIN EXPENDITURES <br />FROM THE PROCEEDS OF TAXABLE OR TAX-EXEMPT <br />BONDS TO BE ISSUED BY THE CITY <br /> <br />BE IT RESOLVED by the City Council of the City of Roseville, Minnesota <br />(the "City") as follows: <br /> <br />Section 1. Recitals. <br /> <br />1.01 The Internal Revenue Service has issued proposed new Tres. Reg. <br />S 1.103-17 (the "Reimbursement Rules") providing that proceeds of tax-exempt <br />bonds used to reimburse prior expenditures will not be deemed spent unless certain <br />requirements are met. . <br /> <br />1.02 The City has incurred certain expenditures since September 8, 1989 <br />and expects to incur certain additional expenditures, all of which may be financed <br />temporarily from sources other than taxable or tax-exempt bonds, and reimbursed <br />from the proceeds of a taxable or tax-exempt bond. <br /> <br />1.03 The new reimbursement rules will apply to bonds issued after <br />September 7, 1991. <br /> <br />1.04 The Reimbursement Rules require that the allocation of proceeds of <br />the bonds to be issued to reimburse any expenditures will be made not later than <br />the later oi one year after the expenditure was paid or one year after the property <br />was placed in service. <br /> <br />1.05 The expenditures to be reimbursed must have a reasonably expected <br />economic life of at least one year, in that they are, or are to be incorporated in or <br />become a part of, a facility, are properly changeable to or may be capitalized as <br />part of the basis of the facility, and if the City were subject to federal income <br />taxation, would be depreciable over the facility's ,economic life. <br /> <br />1.06 Expenditures made between September 8, 1989 and September 7, <br />1991, may be reimbursed as described in Section 1.02 herein only if there is <br />objective evidence that, at the time the expenditures were paid, the City <br />reasonably expected to reimburse such expenditures with proceeds of a taxable or <br />tax exempt borrowing. <br /> <br />1.07 If any future expenditure to be reimbursed is not made within two <br />years of the date of this Resolution, this Resolution may be updated to the extent <br />such expenditure is still expected to be reimbursed with bond proceeds at a later <br />date. <br /> <br />1.08 Proceeds of the bonds issued to reimburse the expenditures described <br />in Exhibit A will be deemed spent only when (1) an allocation entry is made on the <br /> <br />1 <br />