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<br />RESOLUTION NO. 8566 <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION DECLARING THE OFFICIAL INTENT OF THE CITY <br />OF MOUNDS VIEW, MINNESOTA, TO REIMBURSE CERTAIN <br />CAPITAL EXPENDITURES OF A PROJECT FROM THE PROCEEDS <br />OF TAX-EXEMPT BONDS <br /> <br /> <br />WHEREAS, the Internal Revenue Service has issued Treasury Regulations, <br />Section 1.150-2 (the “Reimbursement Regulations”) under the Internal Revenue Code <br />of 1986, as amended (the “Code”), providing that proceeds of tax-exempt bonds used <br />to reimburse prior capital expenditures will not be deemed spent unless certain <br />requirements are met; and <br /> <br />WHEREAS, the City of Mounds View, Minnesota, municipal corporation and a <br />political subdivision of the State of Minnesota (the “City”), expects to incur certain <br />expenditures that may be financed temporarily from sources other than tax-exempt <br />bonds, and later reimbursed from the proceeds of tax-exempt bonds; and <br /> <br />WHEREAS, the City has determined to make a declaration of its official intent <br />(the “Declaration”) to reimburse certain capital costs from the proceeds derived from <br />the sale of tax-exempt bonds issued by the City or another political subdivision in <br />accordance with the Reimbursement Regulations. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF MOUNDS VIEW, MINNESOTA AS FOLLOWS: <br /> <br />1. The City may incur certain capital expenditures in connection with a <br />public works facility (collectively, the “Project”) <br /> <br /> 2. The City reasonably expects to reimburse the expenditures made for <br />certain costs of the Project from the proceeds of tax-exempt bonds in a principal <br />amount currently estimated not to exceed $5,000,000. All reimbursed expenditures <br />related to the Project will be capital expenditures, costs of issuance of the tax-exempt <br />bonds or other expenditures eligible for reimbursement under Section 1.150-2(d)(3) of <br />the Reimbursement Regulations. <br /> <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 tax-exempt bonds, except for the following expenditures: (a) costs of <br />issuance of tax-exempt bonds; (b) costs in an amount not in excess of the lesser of