DEPARTMENT: Finance
FILE TYPE: Consent Action
TITLE
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Adoption Of Reimbursement Resolution For Lebanon Hills Maintenance Facility Project
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RESOLUTION
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WHEREAS, Dakota County, Minnesota (County) is a public body corporate and politic of the State of Minnesota; and
WHEREAS, the Board of Commissioners (Board) of the County has determined that it is in the best interest of the County to make or have made on the County's behalf certain expenditures relating to the acquisition, construction, and improvement of a new Lebanon Hills Maintenance Facility (Project); and
WHEREAS, the Board currently intends and reasonably expects the County to participate in a tax-exempt lease purchase financing or municipal bond financing in a maximum principal amount that is not currently reasonably expected to exceed $26,500,000 to finance the Project, including to reimburse the County in the maximum amount of $26,500,000 for all or a portion of such expenditures paid by the County or on the County's behalf, or to be paid subsequent to a period commending 60 days prior to the date hereof, and ending prior to the later of 18 months of the date of such expenditures or the date on which the Project is placed in service (but in no event more than three years after the date of the original expenditure of such moneys); and
WHEREAS, the Board hereby desires to declare its official intent, pursuant to 26 CFR ? 1.150-2 to reimburse the County for such expenditures with the proceeds of the County's lease-purchase or municipal bond financing.
NOW, THEREFORE, BE IT RESOLVED, That the Dakota County Board of Commissioners hereby adopts the following:
Section 1. Declaration of Official Intent. The County presently intends and reasonably expects to initially finance all or a portion of the costs of the Project with legally available funds that do not represent the proceeds of a borrowing. The County also presently intends and reasonably expects that the initial expenditures paid by t...
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