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FREERS MEMORANDUM <br />& ASSOCINTES INC <br />TO: Joel Hanson, City of Little Canada <br />FROM: Todd Hagen, CIPFA, Public Finance Advisor <br />DATE: January 15, 2007 <br />RE: City of Little Canada, Minnesota -Compliance with Reimbursement Bond Regulations <br />Under federal law, a municipality is allowed to use its own money to pay for certain project costs before <br />tax-exempt bonds are issued. However, in order for the City to preserve the right to reimburse itself for <br />those costs at some future date, it is necessary for the Council to adopt the attached Reimbursement <br />Resolution before an expenditure is made. As stated above, this Resolution provides for the City to make <br />a declaration of intent to reimburse itself for prior expenditures out of the proceeds of subsequently issued <br />bonds within the time specified in the Resolution. The declaration is made through the execution of a <br />Declaration of Official Intent as necessary, the form of which is attached to the Resolution as Exhibit A. <br />After adoption of the Resolution, I will need you to execute the certiftcation (lass page) to at least two <br />(2) copies. Please send a fully executed Resolution to me for our.files, keeping one for your fzles. 1 would <br />also like a fully executed Declaration of Official Intent each time one is made with respect to any,/uture <br />financings involving us as financial advisor. <br />Please do not hesitate to call the should you have any questions or comments regarding this matter. <br />from the desk of.• <br />Todd Hagen, CIPFA <br />Public Finance Advisor <br />Ehlers & Associates, Inc. <br />3060 Centre Pointe Drive <br />Roseville, MN 55113 <br />Phone: (651) 697-8508 <br />Fax: (651) 697-8555 <br />Email: thagen a)ehlers-inc.com <br />N:\Minnsota\Little Canada\Reimburse\ReimbursementMemo.wpd <br />