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MOUNDS ViE�N <br />City of Mounds View Staff Re <br />Item No: 5.C. <br />Meeting Date: March 23, 2020 <br />Type of Business: Council Consent <br />Administrator Review: r' <br />r <br />port <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 9251 Declaring the Official Intent of the <br />City of Mounds View, Minnesota, to Reimburse <br />Certain Capital Expenditures of a Project From the <br />Proceeds of Tax Exempt Bonds <br />The City is rehabilitating our three water treatment plants and the booster station <br />and will be issuing tax-exempt bonds to finance the construction. Because the <br />project will last approximately two and a half years we are delaying as long as <br />possible the issuance of bonds so we do not have multiple bond issues and incur <br />multiple issuance costs. It will also allow us to remain within the safe harbors for <br />bond arbitrage. It is therefore prudent to adopt a reimbursement resolution as we <br />are beginning to incur construction expenses. This will allow the City to repay any <br />preliminary expenditures from bond proceeds. This resolution does not commit the <br />City to any future actions it is just a preliminary step that allows flexibility regarding <br />repayment of any preliminary expenditures. <br />Respectfully Submitted, <br />a <br />A -- <br />Mark Beer <br />