2026-04-28 Resolution 12419 CertifiedCity of Richfield April 28, 2026
County of Hennepin
State of Minnesota
RESOLUTION NO. 12419
1 of 2
Motion by: Hayford Oleary
Seconded by: Christensen
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 PENN
AVENUE RECONSTRUCTION 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. Hennepin County proposes to undertake the Penn Avenue (CSAH 32) Reconstruction Project within
the City (the “Project”) with cost participation from the City.
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 $14,000,000. 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.
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.
City of Richfield April 28, 2026
County of Hennepin
State of Minnesota
RESOLUTION NO. 12419
2 of 2
5.This Declaration is intended to constitute a declaration of official intent for purposes of the
Reimbursement Regulations.
The foregoing resolution was moved by Council Member Hayford Oleary and seconded by Council
Member Christensen.
The following voted in the affirmative: Supple, Burk, Christensen, Coleman-Woods and Hayford Oleary.
The following voted against: None.
Councilmembers absent: None.
Adopted by the City Council of the City of Richfield, Minnesota, this 28th day of April, 2026.
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