2022-02CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
DATE: January 10, 2022 RESOLUTION NO: 2022-02
MOTION BY: Schubert SECONDED BY: McDonald
RESOLUTION DECLARING THE OFFICIAL INTENT TO REIMBURSE CERTAIN
EXPENDITURES FROM THE PROCEEDS OF BONDS TO BE ISSUED BY THE CITY
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 expects to incur certain expenditures that may be financed temporarily
from sources other than bonds, and reimbursed from the proceeds of a tax-exempt bond; and
WHEREAS, the City has determined to make this declaration of official intent (“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 Chanhassen,
Minnesota, as follows:
The City’s CIP proposed to undertake the following projects and the City reasonably expects to
reimburse the expenditures made for certain costs of the Projects from the proceeds of bonds in
estimated maximum principal amount of the following:
Pavement Management Program
Assessments $1,560,000
Utilities $1,175,000
MSA Roadway Improvements – Lake Lucy
Assessments $176,000
Utilities $235,000
PASSED AND ADOPTED BY the Chanhassen City Council this 10th day of January, 2022.
ATTEST:
Kim Meuwissen, City Clerk Elise Ryan, Mayor
YES NO ABSENT
Ryan
McDonald
Campion
Rehm
Schubert
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