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• <br />Council Member stol tz introduced the following resolution and moved its adoption: <br />CITY OF LINO LAKES, MINNESOTA <br />RESOLUTION NO. 07 -28 <br />DECLARING THE OFFICIAL INTENT OF THE <br />CITY OF LINO LAKES TO REIMBURSE <br />CERTAIN EXPENDITURES FROM THE PROCEEDS <br />OF BONDS TO BE ISSUED BY THE CITY <br />WHEREAS, the Internal Revenue Service has issued Treas. Reg. § 1.150 -2 <br />(the "Reimbursement Regulations ") providing that proceeds of tax - exempt bonds used to <br />reimburse prior expenditures will not be deemed spent unless certain requirements are <br />met; and <br />WHEREAS, the City expects to incur certain expenditures that may be financed <br />temporarily from sources other than bonds, and reimbursed from the proceeds of a tax - <br />exempt bond; <br />WHEREAS, the City has determined to make this declaration of official intent (the <br />"Declaration ") to reimburse certain costs from proceeds of bonds in accordance with the <br />Reimbursement Regulations. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF LINO LAKES AS FOLLOWS: <br />1. The City proposes to undertake improvements to the Interstate <br />35W /Lake Drive interchange (the "Project "). <br />2. The City reasonably expects to reimburse the expenditures made for <br />certain costs of the Project from the proceeds of bonds in an estimated maximum <br />principal amount of $6,000,000. All reimbursed expenditures will be capital <br />expenditures, costs of issuance of the bonds, or other expenditures eligible for <br />reimbursement under Section 1.150- 2(d)(3) of the Reimbursement Regulations. <br />3. This Declaration has been made not later than 60 days after payment of <br />any original expenditure to be subject to a reimbursement allocation with respect to the <br />proceeds of bonds, except for the following expenditures: (a) costs of issuance of <br />bonds; (b) costs in an amount not in excess of the lesser of $100,000 or 5 percent of the <br />proceeds of an issue; or (c) "preliminary expenditures" up to an amount not in excess of <br />20 percent of the aggregate issue price of the issue or issues that finance or are <br />reasonably expected by the City to finance the project for which the preliminary <br />expenditures were incurred. The term "preliminary expenditures" includes architectural, <br />engineering, surveying, bond issuance, and similar costs that are incurred prior to <br />