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amount not in excess of 20 percent of the aggregate issue price of the issue or issues that finance or <br />are reasonably expected by the City to finance the project for which the preliminary expenditures <br />were incurred. The term “preliminary expenditures” includes architectural, engineering, surveying, <br />bond issuance, and similar costs that are incurred prior to commencement of acquisition, <br />construction or rehabilitation of a project, other than land acquisition, site preparation, and similar <br />costs incident to commencement of construction. <br /> <br />3. This Declaration is an expression of the reasonable expectations of the City based <br />on the facts and circumstances known to the City as of the date hereof. The anticipated original <br />expenditures for the Project and the principal amount of the tax -exempt bonds or other <br />obligations described in paragraph 1 are consistent with the City’s budgetary and financial <br />circumstances. No sources other than proceeds of tax-exempt bonds or other obligations to be <br />issued by the City are, or are reasonably expected to be, reserved, allocated on a long-term basis, <br />or otherwise set aside pursuant to the City’s budget or financial policies to pay such Project <br />expenditures. <br /> <br /> 4. This Declaration is intended to constitute a declaration of official intent for <br />purposes of the Reimbursement Regulations. <br /> <br />Adopted by the City Council of the City of Arden Hills, Minnesota, this 28th day of <br />March, 2016. <br /> <br /> <br /> ____________________________________ <br /> David Grant, Mayor <br />ATTEST: <br /> <br /> <br />______________________________________ <br />Sue Iverson, Interim City Administrator