98-63DATE: June 22, ~998
HO'I-]~ONED BY: Be~qu~
FIESO~ NO:
SE~ BY:
STATE OF MINNESOTA
COUNTIES OF HENNEPIN AND CARVER
CITY OF CHANHASSEN
)
)
CERTIFICATE OF
MAYOR AND CITY MANAGER
REGARDING TREAS. REG.
SECTION 1.150-2
The undersigned are the Mayor and City Manager, respectively, of the City of
Chanhassert, Minnesota. The City Manager is the custodian of the books and records of the city.
This certificate is executed and delivered for the purpose of showing compliance with Treasury
Regulation 1.150-2 (Regulations) relating to the reimbursement of capital expenditures from the
proceeds of tax-exempt bonds issued or to be issued by the city.
1. On November 22, 1993, the city adopted Resolution No. 93-116 (copy attached)
..
evidencing its intent to comply with the Regulations. The resolution designated the city manager
or the manager's designee to record in an appendix to the resolution the council's intent to
finance projects with bond proceeds.
2. For whatever reasot~ (i) the ministerial duty of entering the council's declarations
of intent have not been entered in the appendix as required by the resolution or ('fi) the appendix
has been misplaced or lost.
3. The city has issued and sold on this date the following issues of tax exempt bonds.
a) $4,970,000 General Obligation Park Bonds, Series 19$gA (Park Bonds);
b) $1,325,000 General Obligation Improvement Bonds, Series 1988B (Improvement
Bonds); and
c) $820,000 General Obligation Water Revenue Bonds, Series 1988C 0/~rater
Revenue Bonds).
4. Park Bonds. The Park Bonds were authorized to be issued by a majority vote of
the voters of the city at a special election on September 16, 1997. No expenditures for the
projects to be financed by the Park Bonds (other than costs of professional services) have been
D,.T~1439"/S
CH135-29
STATE OF MINNESOTA
COUNTIES OF HENNEPIN AND CARVER
CITY OF CHANHASSEN
)
)
CERTIFICATE OF
MAYOR AND CITY MANAGER
REGARDING TREAS. REG.
SECTION 1.150-2
The undersigned are the Mayor and City Manager, respectively, of the City of
Chanhassen, Minnesota. The City Manager is the custodian of the books and records of the city.
This certificate is executed and delivered for the purpose of showing compliance with Treastu3r
Regulation 1.150-2 (Regulations) relating to the reimbursement of capital expenditures from the
proceeds of tax-exempt bonds issued or to be issued by the city.
1. On November 22, 1993, the city adopted Resolution No. 93-116 (copy attached)
evidencing its intent to comply with the Regulations. The resolution designated the city manager
or the manager's designee to record in an appendix to the resolution the council's intent to
finance projects with bond proceeds.
2. For whatever reasons, (i) the minl.qterial duty of entering the council's declarations
of intent have not been entered in the appendix as required by the resolution or (ii) the appendix
has been misplaced or lost.
b)
The city has issued and sold on this date the following issues of tax exempt bonds.
$4,970,000 General Obligation Park Bonds, Series 1988A (Park Bonds);
$1,325,000 General Obligation Improvement Bonds, Series 1988B (Improvement
Bonds); and
¢)
$820,000 General Obligation Water Revenue Bonds, Series 1988C (Water
Revenue Bonds).
4. Park Bonds. The Park Bonds were authorized to be issued by a majority vote of
the voters of the city at a special election on September 16, 1997. No expenditures for the
projects to be financed by the Park Bonds (other than costs of professional services) have been
Dd'K143975
O-1135-29 1
made by the city. The city intends to pay or reimburse itself for all costs of the projects from
the proceeds of the Park Bonds within three years from this date.
5. Water Revenue Bonds. No expenditures for costs of the projects to be financed
by the Water Revenue Bonds (other than the costs of professional services) have been made by
the city. The city intends to pay or reimburse itseff for all costs of the project from the pr~
of the Water Revenue Bonds within three years from this date.
6. Improvement Bonds. The proceeds of the Improvement Bonds will be used to
reimburse the city for costs of the Gateway Project, a multiphase improvement project begun in
1997. The proceeds will be used for Phase I costs, all of which have been paid for work
~mpleted in 1997 and 1998. With regard to the Improvement Bonds, the following statements
a)
b)
c)
The description of the project in the preliminary engineering report of Bonestroo,
Rosene, Anderlik & Associates, dated May, 1997, referred to planned financing
by bonds payable from special assessments against benefitted property;
At the public hearing conducted in connection with the project on June 23, 1997,
statements by the city staff, and the undersigned, publicly indicaIed the city's
intention to finance the costs of the project from the proceeds of tax exempt bonds
in the maximum amount of approximately $1,325,000.
The historical practice of the city in financing local improvements such as Phase
I, has been to finance those projects with the proceeds of tax exempt bonds
payable primarily from special asse~_~nents against benefitted properties, with the
proceeds of the bonds being expended for project costs within no more than two
years following the initiation of the pwjects.
7. Procedures for Future Compliance. The city has put in place proexxlures to insure
compliance with the Regulations. These include:
inclusion of standard language in all council resolutions dealing with capital
expenditures showing an intent, where appropriate, to reimburse from bond
proceeds;
b)
conferences with bond approving counsel about the scope and application of the
Regulations;
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c)
d)
a "tickler" system for pre-checking council agenda items involving capital
expenditures to insure compliance and a quarterly "post audit" of council minutes
to insure that appropriate declarations of intent have been timely made; and
an annual review Procedure in cooperation with the annual audit to insure that
reimbursed expenditures have been within the appropriate time limitations of the
Regulations.
~
City Mat~et
Dated:
1998
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CH135-29