City Council Resolution 1995-07CITY OF MONTICELLO, MINNESOTA
RESOLUTION NO. 95-7
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 23th day of
January, 1995.
SJB81828
MN190-47
Date of
Declaration
January 23,
1995
SJB81828
MN190-47
EXHIBIT A
TO OFFICIAL INTENT RESOLUTION (95-7)
ADOPTED JANUARY 23, 1995
Description of Project
Multifamily Housing
Facility
Maximum Principal
Amount of Debt
for Project
$3,500,000