08-10-1994 Council Agenda - Laserfiche WebLink

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EXHIBIT 1 Declaration of Official Intent The undersigned, being the duly appointed and acting City Administrator of the City of Little Canada, Minnesota (the "City "), pursuant to and for purposes of compliance with Treasury Regulations, Section 1.103 -18 (the "Regulations "), under the Internal Revenue Code of 1986, as amended, hereby states and certifies as follows: 1. The undersigned has been and is on the date hereof duly authorized by the governing body of the City to make and execute this Declaration of Official Intent (the "Declaration ") for and on behalf of the City. 2. The City proposes to undertake the projects described on Exhibit A attached hereto. 3. 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 provision of Section 1.103 - 18(1)(2) of the Regulations or (iii) expenditures constituting preliminary expenditures as defined in Section 1.103- 18(i)(2) of the Regulations, no expenditures for the foregoing projects 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 Declaration. 4. The City reasonably expects to reimburse the expenditures made for costs of the designated projects out of the proceeds of debt (the "Bonds ") to be incurred by the City after the date of payment of all or a portion of the costs. All reimbursed expenditures shall be capital expenditures as defined in Section 1.150 -1(h) of the Regulations. 5. This Declaration is a declaration of official intent issued and given pursuant to Section 1.103 -18 of the Regulations. 6. As of the date hereof, there are no City funds reserved, allocated on a long term basis or otherwise set aside (or reasonably expected to be reserved, allocated on a long term basis or otherwise set aside) to provide permanent financing for the expenditures related to the projects, other than pursuant to the issuance of the Bonds. This Declaration, 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 of the Regulations. 7. This Declaration is and shall remain a part of the publicly available official books and records of the City, shall be filed with the City Administrator within 30 days of the date hereof, and shall be continuously available for inspection by the Page 10