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• <br />BE IT RESOLVED by the City Council (the "Council ") of the <br />City of Ramsey, Minnesota (the "City "), as follows: <br />1144832.1 <br />RESOLUTION ESTABLISHING PROCEDURES <br />RELATING TO COMPLIANCE WITH REIMBURSEMENT BOND <br />REGULATIONS UNDER THE INTERNAL REVENUE CODE <br />1. Recitals. <br />00 -03- o64 <br />(a) The Internal Revenue Service has issued Treasury <br />Regulations, Section 1.150 -2 (as the same may be amended or <br />supplemented, the "Regulations "), dealing with <br />"reimbursement bond" proceeds, being proceeds of bonds used <br />to reimburse the City for any project expenditure paid by <br />the City prior to the time of the issuance of those bonds. <br />(b) The Regulations generally require that the City <br />(as the issuer of or the primary obligor under the bonds) <br />make a declaration of intent to itself for such <br />prior expenditures out of the proceeds of subsequently <br />issued bonds, that such declaration be made not later than <br />60 days after the expenditure is actually paid, and that the <br />bonding occur and the written reimbursement allocation be <br />made from the proceeds of such bonds within 18 months after <br />the later of (1) the date of payment of the expenditure or <br />(2) the date the project is placed in service (but in no <br />event more than 3 years after actual payment). <br />(c) The City heretofore implemented procedures for <br />compliance with the predecessor versions of the Regulations <br />and desires to amend and supplement those procedures to <br />ensure compliance with the Regulations. <br />(d) The City's bond counsel has advised the City that <br />the Regulations do not apply, and hence the provisions of <br />this Resolution are intended to have no application, to <br />payments of City project costs first made by the City out of <br />the proceeds of bonds issued prior to the date of such <br />payments. <br />2. Official Intent Declaration. The Regulations, in the <br />situations in which they apply, require the City to have declared <br />an official intent (the "Declaration ") to reimburse itself for <br />previously paid project expenditures out of the proceeds of <br />subsequently issued bonds. The Council hereby authorizes the <br />City Finance Officer to make the City's Declarations or to <br />delegate from time to time that responsibility to other <br />