1998 HRA Resolution 0700
HRA RESOLUTION NO. 700
RESOLUTION DECLARING THE OFFICIAL INTENT OF THE HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF RICHFIELD TO
REIMBURSE CERTAIN EXPENDITURES FROM THE PROCEEDS OF BONDS TO
BE ISSUED BY THE AUTHORITY
WHEREAS
, the Internal Revenue Service has issued Treas. § Reg. 1.150
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 Housing and Redevelopment Authority 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 Housing and Redevelopment Authority
in and for the City of Richfield (the “Authority”) as follows:
1.The Authority reasonably intends that expenditures will be made for the project
described in Exhibit A (the “Project”), and reasonably intends to reimburse such
expenditures from the proceeds of debt to be issued 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 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, regulation, or ruling.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 21st day of December, 1998.
Thomas Harms, Chair
ATTEST:
Michael Sandahl, Secretary
EXHIBIT A
TO OFFICIAL INTENT HRA RESOLUTION NO. 700
ADOPTED DECEMBER 21, 1998
Maximum Principal
Date of Amount of Debt
DeclarationDescription of Projectfor Project
Urban Village Improvements$10,000,000