1997.07.21 RESO 1997-0015 - Laserfiche WebLink

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Declaration of Official Intent The undersigned, being the duly appointed and acting City Clerk - Treasurer of the City of Hugo, Minnesota (the "City"), pursuant to and for purposes of compliance with Treasury Regulations Section 1.103-18 (the "Regulations") under the Internal Revenue Code of 1986, as amended, hereby states and certifies as follows: 1. The undersigned has been and is on the date hereof duly authorized by the governing body of the City, the City Council, to make and execute this Declaration of Official Intent (the "Declaration") for and on behalf of the City. This Declaration is a declaration of official intent under Treasury Regulations Section 1.103-18. 2A. The property, project, or program to which this Declaration relates is generally and functionally described as follows: 1997 Bald Eagle Industrial Park Acquisition and Improvement Project. 2B. The specific fund or account of the City from which the expenditure to be reimbursed will be paid, and the general functional purpose of that fund or account, are as follows: Sewer Construction Fund. 3. The maximum principal amount of the debt expected to be issued by the City for the purpose of reimbursing the expenditures to which this Declaration relates (the "Expenditures") is on the date hereof reasonably estimated to be $325,000. Each of the Expenditures is (or would be with a proper election) a capital expenditure under federal tax law principles, as described in the Regulations. 4. The City intends and reasonably expects to reimburse itself for the payment of the Expenditures out of the proceeds of a borrowing (the "Bonds") to be made by the City after the date of payment of the Expenditures. 5. As of the date hereof, there are no sources of City funds which have been or are reasonably expected to be allocated or provide on a long-term basis, reserved, or otherwise set aside to provide permanent financing for the Expenditures, other than pursuant to the subsequent issuance of the Bonds. On the basis of the foregoing, the statements and certifications contained in this Declaration are believed to be consistent with the City's budgetary and financial circumstances as they exist or are reasonably foreseeable on the date hereof, all within the meaning and content of the Regulations. 6. This Declaration is and shall remain a part of the publicly available official books, records, or proceedings of the City and shall be continuously available for inspection by the general public at City Hall during regular City hours for a period ending not earlier than the day after the issuance of the Bonds. IN WITNESS WHEREOF, the undersigned has executed this Declaration and placed it on file in the official City records this 21st day of July, 1997.