HomeMy WebLinkAbout15-058CITY OF LAKEVILLE
RESOLUTION NO. 15-58
RESOLUTION DECLARING THE OFFICIAL INTENT OF THE CITY OF LAKEVILLE TO
REIMBURSE CERTAIN EXPENDITURES FROM THE PROCEEDS OF BONDS
TO BE ISSUED BY THE CITY
WHEREAS, The Internal Revenue Service has issued Treasury Reg. 1.150-2
(the " Reimbursement Regulations") 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 that may be
financed temporarily from sources other than bonds, and later
reimbursed from the proceeds of tax-exempt bonds; and
WHEREAS, The City has determined to make this declaration of official
intent ("Declaration") to reimburse certain costs from proceeds
of bonds in accordance with the Reimbursement regulations;
and
WHEREAS, The total estimated general obligation bonds for 2015 are
$49,745,000.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota as
follows:
1. The recitals set forth above are incorporated herein.
2. The City proposes to undertake the following projects (the "Projects"):
a. #15-02 2015 Street Reconstruction (Phase 1)
b. #15-02 2015 Street Reconstruction (Phase II)
c. #15-04 Kensington Blvd
d. #15-05 Hamburg Avenue
e. #09-07 CSAH 50/60 (185th Street) Roundabout and Expansion
f. #14-17 Ipava Avenue Traffic Signals at 1751h & 165th Streets
g. #14-11 Water Treatment Plan Expansion
h. #14-14 Well Construction #20 & #21
L Watermain -190th Street, Holyoke/Dodd
j. #13-18 Water Tower
k. #13-09 Dodd Blvd Reconstruction (194th St - 185th St)
I. #14-10 CSAH 50 (Kenwood Trail) Reconstruction (CSAH 60 to CSAH 9)
3. The City reasonably expects to reimburse the expenditures made for certain costs of the
Projects from the proceeds of bonds in an estimated maximum principal amount of the
following:
a. #15-02 2015 Street Reconstruction (Phase 1) - $11,500,000
b. #15-02 2015 Street Reconstruction (Phase 11) - $11,700,000
c. #15-04 Kensington Blvd - $845,000
d. #15-05 Hamburg Avenue - $455,000
e. #09-07 CSAH 50/60 (185th Street) Roundabout and Expansion - $3,900,000
f. #14-17 Ipava Avenue Traffic Signals at 17511 & 165' Streets - $485,000
g. #14-11 Water Treatment Plan Expansion - $4,200,000
h. #14-14 Well Construction #20 & #21 - $1,750,000
L Watermain - 190th Street, Holyoke/Dodd - $410,000
j. #13-18 Water Tower - $5,000,000
k. #13-09 Dodd Blvd Reconstruction (19411 St -185th St) - $2,500,000
I. #14-10 CSAH 50 (Kenwood Trail) Reconstruction (CSAH 60 to CSAH 9) -
$7,000,000
The City may declare other separate statements of reimbursement intent in connection
with specific public improvements projects as they are initiated under Minnesota Statutes,
Chapters 429 and 444, or for other capital projects, with the understanding that such
additional declarations of reimbursement intent will supplement this resolution. All
reimbursed expenditures will be capital expenditures, costs of issuance of the bonds, or
other expenditures eligible for reimbursement under Section 1.150-2(d)(3) of the
Reimbursement Regulations.
4. This Declaration has been made no later than 60 days after payment of any original
expenditure to be subject to a reimbursement allocation with respect to the proceeds of
bonds, except for the following expenditures: a) costs of issuance of bonds; b) costs in an
amount not in excess of $100,000 or five percent of the proceeds of an issue; or c)
"preliminary expenditures" up to an amount not in excess of 20 percent of the aggregate
issue price of the issue or issues that are reasonably expected by the City to finance the
project for which the preliminary expenditures were incurred. The term preliminary
expenditures" includes architectural, engineering, surveying, bond issuance, and similar
costs that are incurred prior to commencement of acquisition, construction or
rehabilitation of a project, other than land acquisition, site preparation, and similar costs
incident to commencement of construction.
5. This Declaration is an expression of the reasonable expectations of the City based on the
facts and circumstances known to the City as the date hereof. The anticipated original
expenditures for the Projects and the principal amount of the bonds described in
paragraph 3 are consistent with the City's budgetary and financial circumstances. No
sources other than proceeds of bonds to be issued by the City are, or are reasonably
expected to be, reserved, allocated on a long term basis, or otherwise set aside pursuant
to the City's budget or financial policies to pay such Project expenditures.
6. This Declaration is intended to constitute a declaration of the official intent for the
purposes of the Reimbursement Regulations.
DATED this 18th day of May, 2015
CITY OF LAKEVI LE
Matt Little, Mayor
AT�EST:
Charlene Friedges, City lerk