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BRIGGS <br />^r <br />D M O R G A N <br />W2200 First National Bank Building <br />332 Minnesota Street <br />St. Paul MN 55101 -1396 <br />tel 651.808.6600 <br />fax 651.808.6450 <br />MEMORANDUM <br />TO: Joel Hanson, Administrator <br />FROM: Mary L. Ippel <br />DATE: July 29, 2013 <br />RE: REIMBURSEMENT RESOLUTION <br />Enclosed is a resolution for consideration by the City Council at an upcoming council <br />meeting. The Resolution authorizes the City's Finance Director to make periodic Declarations of <br />intent to reimburse expenditures from Bonds (the form is in Exhibit A to the Resolution). The <br />general requirements of the tax regulations relating to reimbursing expenditures are as follows: <br />1. the Declaration must be made no later than sixty days after payment of project <br />costs; <br />2. the Declaration must contain (a) a reasonable description of the project and (b) the <br />maximum principal amount of bonds expected to be issued for the project. You will need to fill <br />in a description for the project in paragraph 2 and a dollar amount in paragraph 3 on Exhibit A; <br />and <br />3. the bonds must be issued within the later of (a) 18 months after the payment, or <br />(b) the date the project is placed in service, but not more than three years after the payment. <br />A Declaration is not required for preliminary and engineering costs as long as those costs <br />do not exceed twenty percent of the bonds. <br />If you have any questions, please call me. <br />jmc <br />Enclosure <br />5603986v1 <br />2 <br />Briggs and Morgan, Professional Association <br />Minneapolis 1 St. Paul I www.briggs.com <br />Member - Lex Mundi, a Global Association of Independent Law firms <br />