HomeMy WebLinkAboutResolution 2012-30 - Intent to Reimburse ExpensesCity of Corcoran
County of Hennepin
State of Minnesota
RESOLUTION NO. 2012 -30
Motion By: Cossette
Seconded By: Gmach
A RESOLUTION DECLARING THE OFFICIAL INTENT OF THE
CITY OF CORCORAN TO REIMBURSE
CERTAIN EXPENDITURES FROM THE PROCEEDS
OF BONDS TO BE ISSUED BY THE CITY
June 14, 2012
WHEREAS, the Internal Revenue Service has issued Treas. Reg. § 1.150 -2 (the
"Reimbursement Regulations ") providing that proceeds of tax - exempt bonds used to
reimburse prior expenditures will not be deemed spent unless certain requirements are
met; and
WHEREAS, the City expects to incur certain expenditures that may be financed
temporarily from sources other than bonds, and reimbursed from the proceeds of a tax -
exempt bond;
WHEREAS, the City has determined to make this declaration of official intent
( "Declaration ") to reimburse certain costs from proceeds of bonds in accordance with the
Reimbursement Regulations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CORCORAN AS FOLLOWS-
1 . The City proposes to undertake the following project: Development of a
facility for Public Works operations and Public Utility services of the city.
2. The City reasonably expects to reimburse the expenditures made for
certain pre construction costs of the project related to services such as: engineering,
soil testing, land procurement, surveying and platting, architectural, and legal from the
proceeds of bonds in an estimated maximum principal amount of $3,000,000. All
reimbursed expenditures will be capital expenditures, costs of issuance of the bonds, or
other expenditures eligible for reimbursement under Section 1.150- 2(d)(3) of the
Reimbursement Regulations.
This Declaration is intended to constitute a declaration of official intent for purposes of
the Reimbursement Regulations.
VOTING AYE
Guenthner, Ken
® Asleson, Rich
® Cossette, Tom
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VOTING NAY
❑ Guenthner, Ken
❑ Asleson, Rich
❑ Cossette, Tom
City of Corcoran June 14, 2012
County of Hennepin
State of Minnesota
RESOLUTION NO. 2012 -30
® Gmach, George ❑ Gmach, George
® Milbrandt, Rosalyn ❑ Milbrandt, Rosalyn
Whereupon, said Resolution is hereby declared adopted on this 14th day of June
2012.
EST:
eanie Heinecke — City Clerk
rY
Kenneth Guenthner - Mayor
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City Seal