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. . . RESOLUTION NO. 6246 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA DECLARATION OF OFFICAL INTENT FOR THE SALE OF BONDS TO REIMBURSE THE CITY FOR THE COSTS OF THE 2003 STREET IMPROVEMENT PROJECT, PHASE I WHEREAS, the Internal Revenue Service has issued Treasury Regulations, Section 1.150-2 (as the same may be amended or supplemented, the "Regulations") dealing with "reimbursement bond" proceeds, being proceeds of bonds used to reimburse the City for any project expenditure paid by the City prior to the time of the issuance of those bonds; and WHEREAS, the Regulations generally require that the City (as the issuer of or the primary obligor under the bonds) make a declaration of intent to reimburse itself for such prior expenditures out of the proceeds of subsequent issued bonds, that such declaration be made not later than 60 days after the expenditure is actually paid, and that the bonding occur and the written reimbursement allocation be made from the proceeds of such bonds within 18 months after the later of (1 ) the date of payment of the expenditure or (2) the date the project is place in service (but in no event more than 3 years after actual payment); and WHEREAS, the City heretofore implemented procedures for compliance with the predecessor versions of the Regulations and desires to amend and supplement those procedures to ensure compliance with the Regulations; and WHEREAS, the City's bond counsel has advised the City that the Regulations do not apply, and hence the provisions of the Resolution are intended to have no application, to payments of City project costs first made by the City out of the proceeds of bonds issued prior to the date of such payments. NOW THEREFORE, BE IT RESOLVED, that the City Council hereby makes the declaration of official intent for the sale of bonds to reimburse the City for the costs of the project in compliance with reimbursement bond regulations under the Internal Revenue Code for the project described as follows: The 2003 Street Improvement Project - Phase I consists of roadway major maintenance to said street segments and minor utility and storm sewer upgrades pursuant to Minnesota Statutes, Section 429.011 to 429.111. The project includes street segments located south of County Highway 10, west of Long Lake Road, north of County Road H2, and east of the City's west property line. The proposed project excludes Pleasant View Drive, Spring Lake Road, Silver Lake Road and County Road I. In addition, the City seeks the installation of a pedestrian sidewalk to be located on Groveland Road from County Road I to County Highway 10.