RESO 25-072 - Providing for the Issuance and Sale of General Obligation Housing Improvement Area Bonds, Series 2025A in the Proposed Aggregate Principal Amount of $3,100,000MN420-18-1002114.v1
4938-9714-1336.1
CITY OF GOLDEN VALLEY, MINNESOTA
RESOLUTION NO. 25-072
RESOLUTION PROVIDING FOR THE
ISSUANCE AND SALE OF GENERAL OBLIGATION
HOUSING IMPROVEMENT AREA BONDS, SERIES 2025A IN THE
PROPOSED AGGREGATE PRINCIPAL AMOUNT OF $3,100,000
BE IT RESOLVED by the City Council (the “Council”) of the City of Golden Valley, Hennepin
County, Minnesota (the “City”) as follows:
Section 1. Bonds Authorized
1.01. It is hereby found, determined and declared that the City should issue its General
Obligation Housing Improvement Area Bonds in the approximate principal amount of $3,100,000
(the “Bonds”) pursuant to Minnesota Statutes, Chapter 475, as amended, and Sections 428A.11
through 428A.21 (collectively, the “Act”), in order to finance certain improvements to property
known as the Laurel Hill West Condominium within the City (the “Projects”), plus costs of issuance
of the Bonds, subject to further details regarding the sale of the Bonds to be set forth in a
resolution to be considered by the City Council at a subsequent meeting.
1.02. City staff are authorized and directed to take all other actions necessary to carry
out the intent of this resolution.
Section 2. Authorization to Municipal Advisor. Ehlers and Associates, Inc. (the
“Municipal Advisor”) is authorized and directed to negotiate the sale of the Bonds. The City
Council will meet on Tuesday, October 7, 2025, or another date selected by City staff, to consider
proposals on the Bonds and take any other appropriate action with respect to the Bonds.
Section 3. Authorization to Bond Counsel. The law firm of Kutak Rock, LLP (“Bond
Counsel”) is authorized to act as bond counsel for the City and to assist in the preparation and
review of necessary documents, certificates and instruments relating to the Bonds. The
officers, employees and agents of the City are hereby authorized to assist Bond Counsel in the
preparation of such documents, certificates, and instruments.
Section 4. Covenants. In the resolution awarding the sale of the Bonds, the City
Council will set forth the covenants and undertakings required by the Act.
Section 5. Official Statement. In connection with the sale of the Bonds, the officers
or employees of the City are authorized and directed to cooperate with the Municipal Advisor
and participate in the preparation of an official statement for the Bonds and to deliver it on
behalf of the City upon its completion.
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Resolution No. 25-072 - 2 - August 6, 2025
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Section 6. Declaration of Official Intent to Reimburse Expenditures.
6.01 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; the City
expects to incur certain expenditures with respect to the Projects that may be financed
temporarily from sources other than bonds, and reimbursed from the proceeds of tax -exempt
bonds.
6.02 The City has determined to make a declaration of official intent (the
“Declaration”) to reimburse certain costs with respect to the Projects from proceeds of the
Bonds in accordance with the Reimbursement Regulations.
6.03 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.
6.04 This Declaration has been made not later than sixty (60) days after payment of
any original expenditure to be subject to a reimbursement allocation with respect to the
proceeds of the 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% of the proceeds of an issue; or
(c) “preliminary expenditures” up to an amount not in excess of 20% 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.
6.05 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 Projects and the principal amount of the Bonds described herein
are consistent with the City’s budgetary and financial circumstances. No sources other than
proceeds of the 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 expenditures.
6.06 This Declaration is intended to constitute a declaration of official intent for
purposes of the Reimbursement Regulations.
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Resolution No. 25-072 - 3 - August 6, 2025
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Adopted by the City Council of Golden Valley, Minnesota this 6th day of August, 2025.
___________________________
Roslyn Harmon, Mayor
ATTEST:
Theresa Schyma, City Clerk
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