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1 <br />1 <br />1 <br />Council member Elliott <br />following resolution and move its adoption: <br />CITY OF LINO LAKES <br />RESOLUTION NO. 92 - 49 <br />introduced the <br />DECLARING THE OFFICIAL INTENT OF THE CITY <br />OF LINO LAKES TO REIMBURSE CERTAIN EXPENDITURES <br />FROM THE PROCEEDS OF BONDS TO BE ISSUED BY THE CITY <br />WHEREAS, the Internal Revenue Service has issued Tres Reg. <br />1.103 -18 providing that proceeds of tax - exempt bonds used to <br />reimburse prior expenditures will not be deemed spent unless <br />certain requirements are met; and <br />WHEREAS, the City expects to incur certain expenditures which <br />may be financed temporarily from sources other than bonds, and <br />reimbursed from the proceeds of a bond; and <br />WHEREAS, the reimbursement rules apply to bonds issued after <br />March 2, 1992; <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF LINO LAKES (THE "CITY ") AS FOLLOWS: <br />1. The City reasonably intends to make expenditures for the <br />project described in Exhibit A (the "Project ") and reasonably <br />intends to reimburse itself for such expenditures from the proceeds <br />of debt to be issued by the City in the maximum principal amount <br />described in Exhibit A. <br />2. The City Administrator is authorized to designate <br />appropriate additions to Exhibit A in circumstances where time is <br />of essence, and any such designation shall be reported to the <br />Council at the earliest practical date and shall be filed with the <br />official books and records of the City as provided in Section 3. <br />3. This resolution shall be maintained as part of the books <br />and records of the City at the main administrative office of the <br />City, and shall be continuously available during normal business <br />hours of the City on every business day of the period beginning not <br />more than 30 days after adoption of this resolution and ending on <br />the last date of issue of any bonds issued to reimburse <br />expenditures described in Exhibit A. <br />4. This resolution is an expression of the reasonable <br />expectations of the City based on the facts and circumstances known <br />to the City as of the date hereof. The anticipated reimbursements <br />set forth at Exhibit A are consistent with the City's budgetary and <br />financial circumstances. <br />1 <br />211 <br />