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City Council Resolution 2004-87RESOLUTION 2004-87 RESOLUTION DECLARING THE OFFICIAL INTENT OF THE CITY OF MONTICELLO TO REIMBURSE CERTAIN EXPENDITURES FROM THE PROCEEDS OF BONDS TO BE ISSUED BY THE CITY WHEREAS, the Internal Revenue Service has issued Treas. Reg. § 1.150-2 providing that proceeds of tax-exempt bonds used to reimburse prior expenditures will not be deemed spent unless certain requirements are met; and WHEREAS, the City expects to incur certain expenditures which may be financed temporarily from sources other than bonds, and reimbursed from the proceeds of a bond; NO W, THEREFORE, BE IT RESOL VED B Y THE CITY CO UNCIL OF THE CITY OF MONTICELLO (THE "CITY') AS FOLLOWS: The City reasonably intends to make expenditures for the projects described in Exhibit A (the "Projects"), and reasonably intends to reimburse itself for such expenditures from the proceeds of debt to be issued by the City in the maximum principal amount described in Exhibit A. 2. The City Administrator is authorized to designate appropriate additions to Exhibit A in circumstances where time is of the essence, and any such designation shall be reported to the Council at the earliest practicable date and shall be filed with the official books and records of the City as provided in Section 3. 3. This resolution is intended to constitute a declaration of official intent for purposes of Treas. Reg. § 1.150-2 and any successor law, regulation, or ruling. Adopted by the City Council this 8th day of November, 2004. Bruce Thielen, Mayor ATTEST: Rick Wolfsteller, City dministrator Resolution No. 2004-87 Page 2 EXHIBIT A TO OFFICIAL INTENT RESOLUTION ADOPTED NOVEMBER S, 2004 MAXIMUM PRINCIPAL DATE OF AMOUNT OF DEBT DECLARATION DESCRIPTION OF PROJECT FOR PROJECT 11/8/04 Chelsea Road West Improvements $390859000 Project No. 2002 -OIC