2015.11.02 RESO 2015-55 - Laserfiche WebLink

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(a) the Bonds are not treated as "private activity bonds" under Section 265(b)(3) of the Code; (b) the City hereby designates the Bonds as qualified tax-exempt obligations for purposes of Section 265(b)(3)of the Code; (c) the reasonably anticipated amount of tax-exempt obligations (other than obligations described in clause (ii) of Section 265(b)(3)(C) of the Code) which will be issued by the City(and all entities whose obligations will be aggregated with those of the City) during the calendar year 2015 will not exceed$10,000,000; (d) not more than $10,000,000 of obligations issued by the City during the calendar year 2015 have been designated for purposes of Section 265(b)(3) of the Code; and (e) the aggregate face amount of the Bonds does not exceed$10,000,000. 12. The financing of the Project by the issuance of the Bonds by the Borrower is subject to, among other things, (a) the approval of the Project by Eagan and the Minnesota Department of Employment and Economic Development("DEED")and(b)review and approval of the proposed Project by Bond Counsel. Submission of the required application to DEED is hereby authorized and directed. 13. The Borrower has advised the City that it expects to incur expenditures with respect to the Project prior to the date of issuance of the Bonds, and that it reasonably intends to reimburse itself for such expenditures from the proceeds of the Bonds. This resolution is intended to constitute a declaration of official intent for purposes of Tres. Reg. § 1.150 2 and any successor law, regulation or ruling. In anticipation of the approval of the Project by DEED and all other necessary entities and the issuance of the Bonds to finance all or a portion of the Project, and in order that completion of the Project will not be unduly delayed when approved, the City hereby authorizes the Borrower, in accordance with the provisions of the Act and subject to the terms and conditions imposed by the Purchaser, to provide for the acquisition, construction, and equipping of the Project by such means as shall be available to the Borrower and in the manner determined by the Borrower, and without advertisement for bids as may be required for the construction and acquisition of other municipal facilities; the City hereby ratifies, affirms, and approves all actions heretofore taken by the Borrower consistent with and in anticipation of such authority; and the Borrower is hereby authorized to make such expenditures and advances toward payment of that portion of the costs of the Project to be financed from the proceeds of the Bonds as the Borrower considers necessary, including the use of interim, short- term financing, subject to reimbursement from the proceeds of the Bonds if and when delivered but otherwise without liability on the part of the City. 5 7271992v3