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City Council Resolution 1995-02CITY OF MONTICELLO, MINNESOTA RESOLUTION NO. 95-2 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 Tres. 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 or Monticello Senior Housing Alliance, Inc. (the "Borrower") expects to incur certain expenditures which may be financed temporarily from sources other than bonds, and reimbursed from the proceeds of a bond; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MONTICELLO (THE "CITY") AS FOLLOWS: 1. The City or the Borrower reasonably intends to make expenditures for the project described in Exhibit A (the "Project") , and reasonably intends to reimburse the City or the Borrower 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. 3. 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. Approved by the City Council of the City of Monticello this 9th day of January, 1995. CITY OF MONTICELLO Attest: ity Admin' trator SJB81828 MN190-47 .esolution 95-2 Page 2 Date of Declaration January 9, 1995 SJB81828 MN190-47 EXHIBIT A TO OFFICIAL INTENT RESOLUTION ADOPTED JANUARY 9, 1995 Maximum Principal Amount of Debt Description of Project for Project Multifamily Housing $3,5001000 Facility