HomeMy WebLinkAbout1994-123
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RESOLUTION NO. 84--123
RESOLUTION RElATING TO FINANCING OF CERTAIN PRDf'OSa)
PROJECTS TO BE UNDERTAKEN BY THE CITY OF STR..lWATER;
EST"a, ~llWG COMPUl'NCE WITH RElMBUPSIEIIafT BOND
REGUlATIONS UNDER THE Ih I..._IAL REVENUECODE'
Be It Resolved by the City Council (the Council) of the City of SliIlwBler, Mlnnesda (the City), as ~
1 . Recitals
a. The InemaI R-.. Service has issued Seclian 1.103-18 of the Income Tax R"'9"wv..,s (the
~'9IWiOns) ~ wilh the issuance of bonds, all or a portion of the prt>Geeds of which are to
be used to reirnI:llI'se the City for project ...peIodllures made by the City prior to the time fortlle
issuance of bonds.
b. The Regulations lI6'.e.aIIy require that the City make a prior ~dliun of its ofIiciaI intent to
reimburse il&eIf for such prior eMp8Ildi1ures out of the ""(>(.,. of Sl!"-':p-.uy issued
borrowing, that the barruwing occur and the ~ /Idk)( alion be made from the
p1ccema ri such lM,....ng YttIW1 one)'llllr ri the payllIel4 of the ......,ndilure or, if longer, wllhin
one year of the dale the project is placed In service, and that tile ....... odibJre be a capillII
expend'lture.
c. The City desires 10 ~ with requir..,,,,, b of the ~"'9' IbIin'1S with ,e..,.ed to certain p1..;.,dlo
hereinafter idt:"Ulled.
2.
Official Intent Declaration.
a. The City proposes to undertake the foItowirtg projec;ls do....oib.cd 011 Exhibit A alb...t...:! herelD.
b. Olherthan (i) ............ures to be paid or reirnbursecl from sourcesolhertharT a 1"'......;,19 or (ii)
eJCPl!l'Iditures permitted to be reimbursed pursuant to the transilicIn pravisiort of Secliort 1 .103-
18(1){2) of the Regolsollnrs or (Hi) lIlCp8I1dilures COITItituIIng of pr&Iirninary .......1dI1wes as
deIirIed in Sectior11.103-18(i)(2) of the R"'9'---. no eIlp8fldiluree for the fOregoIng p10jllcla
as idelltlfied on Exhibit A have t_"'l'UIe~ made by the City andnoeMp8l~wH1 be
made by the City until after the dale of this Resok olJorl.
c. The ct;' , -llIIltf eq~;J, to reimlusethe eilcpellditules made for the cosls of the ~ -'"..allod
pn:ljects out of the pi oceeds of the debt (the Bonds) to be Irtcumld by the City after the dale of
payment of an or apportion of the CO$lS, An reimbursed expllI rdilures shaD be capital
expenditures as dId'....:!ln Secliort 1.150-1(h) of the P"'9'IlIotlnros.
d. This declaration as a declaratiorl of ofIiciaI intent ~~_I pursuant to Sediort 1.103-18 of the
Regulallorts.
3. Budlletary Msdf..... As of the date hereof, there are no City funds .-ved, lIIIocaled 011 a Iclr1IJ-Illrm
basis or aIhelWise set aside (or It ..lfk:#fexper.ted \0 be reIllIV8lt, 11100 Mons ~ basisor
.AI... ..Jise ee1l11lide) \0 prowide .-,,__4 "'....... 'lI of the ............. reIIIled \0 the ""~ oIherlhlm
pursuartlto the iII8IBlce of the Bond. This Resolution, tt_"""... is cWell,rilled to be cor.oilA.' wilh the
City's budgelary and financial c~ as they llllist or are - -...u~ fOt L.llIIthe dale
hereof, all within the meIII1ing and COntllllt of the ReguIlIliona.
EiIiIlg. This R-...., shall be flied within 30 days of its adoption in the publicly a.":bd.Ao. official books
and records of the City. This Resolution shall be lI\..4l!.bI& for "'11I- tio.. at the office of the city clerk at
the ct;' Hal (Which Is thelTlliladi,liolillllali>.eoflic:eofthe City) during normal business hours of the City
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of every business day untillhe date of issuance of the Bonds..
Reimbu~ .01.110. ...IS The City's linallcial officer shall be '.............. for n .. 19 the
~ .. --..." .......ib.11n the R"'9'......... being gel....cIII). the b....a of the..........idIb
amount for pi oc:eeda of \he Bonds to reimburse the source of Ia."""... J fitllllGl.<9 lIIl8d by the City to
ITlIIIe payment of the prior costs of the p.ujl..Al.. Each a11oca1iun shall be Ndef~ by an enlJy on the
ofIiciaI books m rec:onl$ of the City rrlllilllkli""d for the bonds, shall speciIIl;aIv identify l"eadUII prior
~ dUe bl*1Q Feimbursed. or in the case of I'lIirr1tIurBer of 8 fund or 8CCllUI1l in .........dw1ce wiltr
Section 1 . t03-1 B, the fund or 8CCllUI1l from which the 8l<pd IdIlure _ paid. and shall be effecliwe to
reIiew! the proc:eedII of the Bonds from." ,eeDiCtiOn under the bond ,-~ or other relevant IegBt
documents for 11- Bonds, and under any ~ &tall! staIule, which would apply to the unspent
proceeds of the Bonds.
Adopted this 17th day of May 1994,
4.
aJoHL~~~
Mayor
Attest:
cY( d~
. A.I
city
(I lAllA
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