Laserfiche WebLink
<br />e::rrr OP ROSBVJLLI:. II"nIURAO'l'A <br /> <br />ItBSOL1J"fiOR BO. 9044 <br /> <br />DB("I'·:It.'DDIQ '!'1m OPP:ICZAL J.K'.....mr-..... OF -.rBB C::rrr OF ROSBV:ILLB <br />'l'O UnlR1DtBB CBRTADl JŒPDJI):ITURBS nœl 'f'BB PROCBBDS OP <br />BOIIDS m BB :ISSUED BY 'I'D ern <br /> <br />WHEREAS, the Internal Revenue Service has issued Tres <br />Reg. 1.103-18 providing that proceeds of tax-exempt bonds used <br />to reimburse prior expenditures will not be deemed spent unless <br />certain requirements are met; and <br /> <br />WHEREAS, the City expects to incur certain expenditures <br />which may be financed temporarily from sources other than bonds, <br />and reimbursed from the proceeds of a bond; and <br /> <br />WHEREAS, the reimbursement rules apply to bonds issued after <br />March 2, 1992; <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF ROSEVILLE (THE "CITY") AS FOLLOWS: <br /> <br />1. The City reasonably intends to make expenditures for <br />the project described in Exhibit A (the "Projectn), and reasona- <br />bly intends to reimburse itself for such expenditures from the <br />proceeds of debt to be issued by the City in the maximum princi- <br />pal amount described in Exhibit A. <br /> <br />2. The City of Roseville is authorized to designate appro- <br />priate additions to Exhibit A in circumstances where time is of <br />the essence, and any such designation shall be reported to the <br />Council at the earliest practicable date and shall be filed with <br />the official books and records of the City as provided in Section <br />3. <br /> <br />3. This resolution shall be maintained as part of the books <br />and records of the City at the main administrative office of the <br />City, and shall be continuously available during normal business <br />hours of the City on every business day of the period beginning <br />not more than 30 days after adoption of this resolution and <br />ending on the last date of issue of any bonds issued to reimburse <br />expenditures described in Exhibit A. <br /> <br />4. This resolution is an expression of the reasonable <br />expectations of the City based on the facts and circumstances <br />known to the City as of the date hereof. The anticipated reim- <br />bursements set forth at Exhibit A are consistent with the City's <br />budgetary and financial circumstances. No sources other than <br />proceeds of bonds to be issued by the City are, or are reasonably <br />expected to be, reserved, allocated on a long-term basis, or <br />otherwise set aside pursuant to the City's budget or financial <br />policies to pay such Project expenditures. The City has not <br />adopted any allocation, budget, or restriction of moneys or <br /> <br />1 <br />