2025-09-09 Resolution 12335 with CertificationCity of Richfield September 9, 2025
County of Hennepin
State of Minnesota
RESOLUTION NO. 12335
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Motion by: Hayford Oleary
Seconded by: Burk
DECLARING THE OFFICIAL INTENT OF THE CITY OF RICHFIELD
TO REIMBURSE CERTAIN EXPENDITURES FROM THE PROCEEDS OF
BONDS TO BE ISSUED BY THE CITY WITH RESPECT TO
THE VETERANS MEMORIAL PARK PROJECT
WHEREAS, the Internal Revenue Service has issued Treas. 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 of Richfield, Minnesota (the “City”) expects to incur certain
expenditures that may be financed temporarily from sources other than bonds, and
reimbursed from the proceeds of tax-exempt bonds; and
WHEREAS, the City has determined to make this declaration of official intent (the
“Declaration”) to reimburse certain costs from proceeds of bonds in accordance with the
Reimbursement Regulations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
RICHFIELD, MINNESOTA AS FOLLOWS:
1. The City of Richfield is undertaking improvements to Veterans Memorial Park (the
“Project”).
2. The City reasonably expects to reimburse the expenditures made for certain costs of the
Project from the proceeds of bonds in an estimated maximum principal amount of
$9,000,000. 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.
3. This Declaration has been made not 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 5 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 finance or 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.
City of Richfield September 9, 2025
County of Hennepin
State of Minnesota
RESOLUTION NO. 12335
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4.This Declaration is an expression of the reasonable expectations of the City based on
the facts and circumstances known to the City as of the date hereof. The anticipated
original expenditures for the Project and the principal amount of the bonds described in
Paragraph 2 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.
5.This Declaration is intended to constitute a declaration of official intent for purposes of
the Reimbursement Regulations.
The foregoing resolution was moved by Councilmember Hayford Oleary and seconded by
Councilmember Burk.
The following voted in the affirmative: 4
The following voted against: 0
Councilmember Coleman-Woods was absent.
Adopted by the City Council of the City of Richfield, Minnesota, this 9th day of September, 2025.
VOTING AYE VOTING NAY
Supple, Mary Supple, Mary
Burk, Walter Burk, Walter
Christensen, Sharon Christensen, Sharon
Coleman-Woods, Rori Coleman-Woods, Rori
Hayford Oleary, Sean Hayford Oleary, Sean
Mary B. Supple, Mayor
ATTEST:
Michelle Friedrich, City Clerk
City of Richfield September 9, 2025
County of Hennepin
State of Minnesota
2025-09-09 Authorizing Reimbursement of Vets Park Expenses and Bond Issuance
CERTIFICATION
The undersigned, being the duly qualified and acting City Clerk of the City of
Richfield, Minnesota, hereby certifies the following:
The foregoing is a true and correct copy of a Resolution on file , and of an official,
publicly available record in the offices of the City, which Resolution relates to procedures
of the City for compliance with certain IRS Regulations on reimbursement bonds. Said
Resolution was duly adopted by the governing body of the City (the "Council") at a regular
or special meeting of the Council held on September 9, 2025. Said meeting was duly
called, regularly held, open to the public, and held at the place at whic h meetings of the
Council are regularly held. Councilmember Hayford Oleary moved the adoption of the
Resolution, which motion was seconded by Councilmember Burk. A vote being taken on
the motion, the following members of the Council voted in favor of the motion to adopt the
Resolution:
VOTING AYE: Supple, Burk, Christensen, and Hayford Oleary
Absent: Coleman-Woods
and the following voted against the same:
VOTING NAY: No nay votes
Whereupon said Resolution was declared duly passed and adopted. The Resolution is in
full force and effect, and no action has been taken by the Council which would in any way
alter or amend the Resolution.
WITNESS MY HAND officially as the City Clerk of the City of Richfield, Minnesota,
this 11th day of September, 2025.
___________________________
Michelle Friedrich
City Clerk
City of Richfield, Minnesota