Resolution 24-085 - Laserfiche WebLink

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MY01241061"N ZWOMEAS; [NIXAVAIL �k6w C]"ZIM M r 411UNUE-6124mir (2024 Water Treatment Plant) WHEREAS, the Internal Revenue Service has issued Treas. Reg. § 1.150-2 (the "Reimbursement Regulations") providing that proceeds of tax-exempt obligations 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 tax-exempt obligations, and reimbursed from the proceeds of a tax-exempt obligations; WHEREAS,, the City has determined to make this declaration of official intent ("Declaration") to reimburse certain costs from proceeds of a note provided by the Minnesota Public Facilities Authorities in accordance with the Reimbursement Regulations. NOW, THEREFORE,, BE IT RESOLVED by the City Council of Lino Lakes, Minnesota that: 1. The City proposes to undertake the building of a Water Treatment Plant (the "Project"). 2. The City reasonably expects to reimburse the expenditures made for certain costs of the Project from the proceeds of a loan from the Minnesota Public Facilities Authority in an estimated maximum principal amount of $18,000,000.00. 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. 3. This Declaration has been made not later than 60 days after payment of any original expenditure to be subject to a reimbursement allocation with respect to the proceeds of bonds, except for the following expenditures: (a) costs of issuance of bonds; (b)costsin an amount not in excess of $100,000 or 5 percent of the proceeds of an issue; or (c) "preliminary expenditures" up to an amount not in excess of 20 percent of the aggregate issue price of the issue or issues that finance or are reasonably expected by the City to finance the project for which the preliminary expenditures were incurred. The term "preliminary expenditures" includes architectural, engineering, surveying, bond issuance, and similar costs that are incurred prior to commencement