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-- EN HILLS <br /> CITY OF ARDEN HILLS <br /> COUNTY OF RAMSEY <br /> STATE OF MINNESOTA <br /> RESOLUTION No. 2016-012 <br /> DECLARING THE OFFICIAL INTENT OF THE CITY OF ARDEN HILLS, <br /> MINNESOTA TO REIMBURSE CERTAIN EXPENDITURES FROM THE <br /> PROCEEDS OF TAX-EXEMPT BONDS TO BE ISSUED BY THE CITY <br /> WHEREAS, the City of Arden Hills, Minnesota (the "City") is a statutory city duly <br /> organized and existing under the Constitution and laws of the State of Minnesota; and <br /> WHEREAS, the Internal Revenue Service has issued Treas. Reg. § 1.150-2 <br /> (the"Reimbursement Regulations")providing that proceeds of tax-exempt bonds used to reimburse <br /> prior expenditures will not be deemed spent unless certain requirements are met; and <br /> WHEREAS, the City expects to incur certain expenditures, including costs of public <br /> improvements related to the Twin Cities Army Ammunition Plant site in the City(the Project"),that <br /> may be financed temporarily from sources other than tax-exempt bonds and other obligations, and <br /> reimbursed from the proceeds of a tax-exempt bonds or other obligations; <br /> WHEREAS, the City has determined to make this declaration of official intent (the <br /> "Declaration")to reimburse certain costs from proceeds of tax-exempt bonds or other obligations in <br /> accordance with the Reimbursement Regulations. <br /> THEREFORE,BE IT RESOLVED that: <br /> 1. The City reasonably expects to reimburse the expenditures made for certain costs of <br /> the Project from the proceeds of general obligation bonds of the City in an estimated maximum <br /> principal amount of$10,000,000. All reimbursed expenditures will be capital expenditures, costs of <br /> issuance of the tax-exempt bonds or other obligations, or other expenditures eligible for <br /> reimbursement under Section 1.150-2(d)(3) of the Reimbursement Regulations. <br /> 2. This Declaration has been made not later than 60 days after payment of any <br /> original expenditure to be subject to a reimbursement allocation with respect to the proceeds of <br /> tax-exempt bonds or other obligations, except for the following expenditures: (a) costs of <br /> issuance of bonds or other obligations; (b)costs in an amount not in excess of$100,000 or 5 percent <br /> of the proceeds of an issue of bonds or other obligations; or(c) "preliminary expenditures"up to an <br />