HRA Resolution 1998-3HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO, MINNESOTA
RESOLUTION NO. 98 -3
RESOLUTION OF OFFICIAL INTENT
TO REIMBURSE EXPENDITURES FOR ARMORY PROJECT
WHEREAS, Treasury Regulations, Section 1.150 -2, provides that the proceeds of tax -
exempt bonds will not be deemed to be spent if they are used to reimburse prior expenditures,
unless certain conditions are met; and
WHEREAS, the Authority and the City of Monticello expect to incur expenditures with
respect to the Armory Project which may be initially made from sources other than the proceeds
of a borrowing, but which are intended to be reimbursed from the proceeds of bonds or other
obligations issued by or on behalf of the Authority or the City.
NOW THEREFORE, BE IT RESOLVED, by the Housing and Redevelopment Authority in
and for the City of Monticello, Minnesota, as follows:
1. The Authority reasonably intends to make expenditures for the Armory project and
reasonably intends to reimburse itself for such expenditures from the proceeds of debt to be issued
by or on behalf of the Authority or the City of Monticello in the maximum principal amount of
$9.4 million .
2. This resolution is intended to constitute a declaration of official intent for purposes of
Treasury Regulations, Section 1.150 -2, and any successor law, regulation or ruling. The
Executive Director and other Authority staff are authorized and directed to maintain such records
of expenditures to be reimbursed pursuant to this Resolution as may be required by Treasury
Regulations, Section 1.150 -2, and any successor law, regulation or ruling.
Adopted by the Housing and Redevelopment Authority in and for the City of Monticello this
4th day of March, 1998.
air
ATTEST:
Executive Director