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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 /> 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 /> 4. This Declaration is intended to constitute a declaration of official intent for <br /> purposes of the Reimbursement Regulations. <br /> Adopted by the City Council of the City of Arden Hills, Minnesota, this 28th day of <br /> March, 2016. <br /> David Grant, Mayor <br /> ATTEST: <br /> Sue Iverson, Interim City Administrator <br />