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<br />CITY OF ROSEVILLE, MINNESOTA <br /> <br />RESOLUTION NO. 9188 <br /> <br />DECLARING THE OFFICIAL INTENT OF THE CITY OF ROSEVILLE <br />TO REIMBURSE CERTAIN EXPENDITURES FROM THE PROCEEDS OF <br />BONDS TO BE ISSUED BY THE CITY <br /> <br />WHEREAS, the Internal Revenue <br />1.103-18 providing that proceeds <br />reimburse prior expenditures will <br />certain requirements are met; and <br /> <br />Service has issued Tres Reg. <br />of tax-exempt bonds used to <br />not be deemed spent unless <br /> <br />WHEREAS, the City expects to incur certain expenditures which <br />may be financed temporarily from sources other than bonds, and <br />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 CITY <br />OF ROSEVILLE (THE "CITY") AS FOLLOWS: <br /> <br />1. The City reasonably intends to make expenditures for the <br />project described in Exhibit A (the "Project"), and reasonably <br />intends to reimburse itself for such expenditures from the proceeds <br />of debt to be issued by the City in the maximum principal amount <br />described in Exhibit A. <br /> <br />2. The City of Roseville is authorized to designate <br />appropriate additions to Exhibit A in circumstances where time is <br />of the essence, and any such designations 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 not <br />more than 30 days after adoption of this resolution and ending on <br />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 known <br />to the City as of the date hereof. The anticipated reimbursements <br />set forth at Exhibit A are consistent with the City's budgetary and <br />financial circumstances. No sources other than proceeds of bonds <br />to be issued by the City are, or are reasonably expected to be, <br />reserved, allocated on a long-term basis, or otherwise set aside <br />pursuant to the City's budget or financial policies to pay such <br /> <br />1 <br />