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HomeMy WebLinkAbout1993-228 . c 'C r "'..- .JII:; . ,j. ., , RESOLU'l'IOlI 110. 93-~28 RBSOLO'fiOll RELAnRG 1'0 FDUlRCDIG OF CEIl'rAIlI PROPOSED PROJEC'1'S 'l'O BE lJlIDI'V'I'IlJRII BY mE crrr OF 'S'f'TT.T:ID.'l'RR; F3lABL.ISIIIRG ~ wrm RRT1IIMIJ......--.ur,l: .BCJIID REGlILMIOlIS UHDER 'l'DJl IIl'1'EIUfAL IIEVIDIlIE alDE Be It Resolved by the City Council (the Council) of the City of Stillwater, Minnesota (the City), as follows: 1. Recitals. a. The Internal Revenue Service has issued Section 1.103-18 of the Income Tax Regulations (the Regulations) d~aling with the issuance of bonds, all or a portion of th~ proceeds of which are to be used to reimburse the City for project expenditures made by the City prior to the time for the issuance of bonds. b. The Regulations generally require that the City make a prior declaration of its official intent to reimburse itlle1f for such prior expenditures out of the proceeds of subsequently issued borrowing, that the borrowing occur and the reimburs~ent allocation be made from the proceeds of such borrowing within .one year of the payment of the expenditure or, if longer, within one year of the date the project is placed in service, and that the expenditure be a capital expendi ture. ~ c. The City desires to comply with requirements of the Regulations with respect to certain projects hereinafter ~dentified. 2. Official Intent Declaration. a. The City proposes to undertake the following projects described on Exhibit A attached hereto. b. Other than (i) expenditures to be paid or reimbursed from sources other than a borrowing or (ii) expenditures permitted to be reimbursed pursuant to the transition provillion of Section 1.103- 18(1)(2) of the Regulations or (iii) expenditures constituting of preliminary expenditures as defined in Section 1.103-18(i)(2) of the Regulations, no expenditures for the foregoing proj~cts as identified on Exhibit A have heretofore been made by the City and no expenditures will be made by the City until after the date of this Resolution. c. The City reasonably expects to reimburse the expenditures made for the costs of the designated projects out of the proceeds of the debt (the Bonds) to be incurred by the City after the date of payment of all or apportion of the costs. All reimbursed expenditures shall be capital expenditures as defined in Section 1.150-1(h) of the Regulations. d. This declaration as a declaral:ion of official intent adopted pursuant to Section 1.103-18 of the Regulations. _._.~.....a: ,.". ,- 3. Budgetary Matters. As of the date hereof, there are no City funds reserved, a:!.located on a long-term basis or otherwise set aside (or reasonably expected to be reserved, aUocated on a :!.ong-term basis or otherwise set aside) to provide permanent financing~f ,the expenditures re:!.ated to the projects other than pursuant to the issuance of the Bond. This Resolution, therefore, is determined to be consistent with the City's budgetary and financial circumstances as they exist or are reasonably foreseeable on the date hereof, all within the meaning and content of the Regulations. 4. Filinq. This Resolution shall be filed within 30 days of its adoption in the publicly available official books and records of the City. This Resolution shall be available for inspection at the office of the city clerk at the City Hall (which is the main administrative office of the City) during normal business hours of the City of every business day until the date of issuance of the Bonds. 4. Reimbursement Allocations. The City's financial officer shall be responsible for making the "reimbursement allocations" described in the Regulations, being generally the transfer of the appropriate amount for proceeds of the Bonds to reimburse the source of temporary financing used by the City to make payment of the prior costs of the projects. Each allocation shall be evidenced by an entry on the official books and records of the City maintained for the bonds, shall specifically identify the actual prior expenditure being reimbursed, or in the case of reimbursement of a fund or account in accordance with Section 1.103-18, the fund or account from which the expenditure was paid, and shall be effective to relieve the proceeds of the Bonds from any restriction under the bond resolution or other relevant legal documents for the Bonds, and under any applicable state statute, which would apply to the unspent proceeds of the Bonds. Adopted this 7th day of December 1993. "", O-lH~~/;f- ~. ,. . Mayor Attest:#.4t ;X~ acting city clerk ..... . '\ . 1""'\ , ) ~:) '} '--'