01-001 EDA
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CITY OF SHOREWOOD
RESOLUTION NO. 01-001
A RESOLUTION DECLARING THE OFFICIAL INTENT OF THE ECONOMIC
DEVELOPMENT AUTHORITY OF THE CITY OF SHOREWOOD TO REIMBURSE
CERTAIN EXPENDITURES FROM THE PROCEEDS OF BONDS TO BE ISSUED BY
THE AUTHORITY
WHEREAS, the Internal Revenue Service has issued Treas. Reg. S 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 Authority expects to incur certain expenditures that may be financed
temporarily from sources other than bonds, and reimbursed from the proceeds of a bond;
NOW THEREFORE, BE IT RESOLVED BY THE ECONOMIC DEVELOPMENT
AUTHORITY OF THE CITY OF SHOREWOOD (THE" AUTHORITY") AS FOLLOWS:
1. The Authority 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 used by the authority in the maximum principal amount described in
Exhibit A.
2. The Executive Director 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
board at the earliest practicable date and shall be filed with the official books and records of
the authority.
3. This resolution is intended to constitute a declaration of official intent for purposes of Treas.
Reg. S 1.150-2 and any successor law, regulation, or ruling.
APPROVED BY THE BOARD OF COMMISSIONERS OF THE ECONOMIC
DEVELOPMENT AUTHORITY OF THE CITY OF SHOREWOOD this 22ndday of
October 2001.
ECONOMIC DEV MENT AUTHORITY OF
ORE OOD, MINNESOTA
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Date of Declaration
October 22,2001
EXHIBIT A
TO OFFICIAL INTENT RESOLUTION
Description of Project
Fire & Police Station Project
Maximum Principal
Amount of Debt
for Project
$10,000,000