HomeMy WebLinkAboutResolution No. 2001-073 Reimbursing Golf Course Bonds. 0
RESOLI
RESOLUTION RE
IMPROVEMENTS
ESTABLISHING COMP
BOND REGULATI
ON NO. ;001-73
CIN T6FINANCING SOF
BR EMAR CLUBHOUSE;.
,N E WITH REIMBURSENI
S UNDER THE INTERNAL
vU CODE i
City Of Edina
BE IT RESOLVED by the CiCouncil of the City of Edina, Minnesota (the
"City"), as follows:
1. Recitals.
(a) The United States DEpariment
of Treasury has
romulgated final
regulations governing the use of proceeds of
tax-exempt
bonds, all or a
rtion of which are
to be used to reimburse the City for project
expenditures
paid by the City
prior to the date
of issuance of such bonds. Those regulations
(Treasury Regulatio> s, %ction.
1.150-2) (the
"Regulations") require that the City adopt
a
tatement of official intent
to reimburse an
original expenditure not later than 60 days
aft
r payment of the ori gina.
expenditure. The
Regulations also generally require that
the
bonds be issued and
e reimbursement
allocation made from the proceeds of the
bonds
wi�hin 18 month (or
three years, if the
reimbursement bond issue �ualifies for the
"small
issuer" excep 'on
rom. the arbitrage
rebate requirement) after the' later of (i) the
da
the expenditure is paid
or (ii) the date the
project is placed in service or abandoned,
b
(unless the issue qualifies
for the "small
issuer" exception from the arbitrage rebate
req
irem@nt) in no event more
than three years
after the date the expenditure is paid. The
Regulations
generally pormil
reimbursement of
capital expenditures and costs of issuance
f thE
bondis.
(b) The City desires to comply
with 'requirements c f 6
Regulations with
respect to a project hereinafter identified.
2. Official In
(a) The City is underta ing a ptoject (the "Ptoje "), consisting of
improvements to the clubhouse for the B aenLar golf course at a totAl estimated cost of
$500,000.
(b) Other than (i) expenditures be plaid or reimbursedrom sources other
than the Bonds (as hereinafter defined), (ii) expenditures permitted to 1310 reimbursed under
the transitional provision contained in Sec 'on150-20)(2) of ' the Regulations, (iii)
expenditures constituting preliminary exp ndi resithin the me ni> of Section 1.150-
2(f)(2) of the Regulations, or (iv) expenditures in a 1'de minimus" anti nt (as defined in
Section 1.150-2(f)(1) of the Regulations), no ex end4ures for the Projects have heretofore
been paid by the City and no expenditures will be plaid by the City uri'1 after the date of
this Resolution.
(c) The City reasonably expects t reimburse the expendi res made for costs
of the Project out of the proceeds of the City's G. -neral Obligation Recrea on Facility Bonds,
Series 2001A to be issued in an estimated ag regate principal amount of $4,020,000 (the
"Bonds") after the date of payment of all or a pc rtion of the costs of the Roject. Proceeds of
City Hall
4801 WEST 50TH STREET
EDINA, MINNESOTA 55424-1394
(952) 927-8861
FAX (952) 826-0390
TDD (952) 826-0379
the Bonds are to be used to finance the roje t an improvemen b
facilities of the City and to refund outstanding loonds of the Zitl
expenditures shall be capital expenditures, a cost of issuance f t
expenditures eligible for reimbursement under ectio 1.150-2(d)(3) of d
3. Budgetary Matters. As of the 4te hereof, th�re
reserved, allocated on a long-term basis or othei -wise $et aside (or re�sor
reserved, allocated on a long-term basis rther ise set aside) j to
financing for the expenditures related to theProject,ther than pur�uaj
the Bonds. The statement of intent contained hL thisesolution, the#efo
be consistent with the City's budgetary and ancZ circumstances a
reasonably foreseeable on th� date hereof.
4. Reimbursement Allocz tion s. T City's financia
responsible for making the "reimbursemen all catio4s" described ii. thi
generally the transfer of the appropriate ar iourt of p oceeds of the 3orl
source of temporary financing used by the City to make prior pay en
Project. Each allocation shall be evidenced by en on the offici 1 b
the City maintained for the Bonds or the Project and shall specifi�ally
original expenditure being reimbursed. i
Attest:
Adopted this 19th day of Septem+, 2001.
Debra A. Mangen,-City Clerk
STATE OF MINNESOTA) i
COUNTY OF HENNEPIN)SS
CITY OF EDINA )
ICERTIFICA'
I, the undersigned duly appointed and acting C
the attached and foregoing Res lution was dul
Meeting of September 19, 2001 and as record
WITNESS my hand and seal 'lof said City
in
2
Dennis F
i
i
CIT CLERK
.rk fo the City ofd a d
ited b the Edina City Coun,
he Mi utes of said Re ulair
da� of '20
-4
ether recreational
All reimbursed
Bonds or other
Regulations.
-e no City funds
ply expected to be
ovide permanent
to the issuance of
is determined to
they exist or are
officer shall be
Regulations, being
s to reimburse the
of the costs of the
)ks and records of
dentifv the actual
Mayor
Hereby certify that
it at its Regular
City Clerk