96-076
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CITY OF SHOREWOOD, MINNESOTA
RESOLUTION NO. 96- 76
DECLARING THE OFFICIAL INTENT OF THE
CITY OF SHOREWOOD 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.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Shorewood as follows:
1. The City reasonably intends to make expenditures for the project described in Exhibit
A (the "Project"), 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, regulations or ruling.
ADOPTED by the City Council of the City of Shorewood this 26th day of
August, 1996.
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Robert B. Bean, Mayor
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James . Hurm, City Administrator
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Date of
Declaration
August 26, 1996
EXHIBIT A
TO OFFICIAL INTENT RESOLUTION
ADOPTED AUGUST 26, 1996
Description of Project
Water System Improvements
Maximum Principal
Amount of Debt
for Project
$860,000