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<br />. <br /> <br />, <br /> <br />, <br /> <br />DECLARATION OF OFFICIAL INTENT <br /> <br />The undersigned, being the duly appointed and acting City Administrator of the City of Arden <br />Hills, Minnesota (the "City"), pursuant to and for purposes of compliance with Treasury <br />Regulations, Section 1.103-18 (the "Regulations") under the Internal Revenue Code of 1986, as <br />amended, hereby states and certifies as follows: <br /> <br />1. The undersigned has been, and is on the date hereof, duly authorized by the <br />governing body of the City, the City Council, to make and execute this <br />Declaration of Official Intent (the "Declaration") for and on behalf of the City. <br />This Declaration is a declaration of official intent under Treasury Regulations, <br />Section 1.103-18. <br /> <br />2. The property, project, or program to which this Declaration relates is generally <br />and functionally described as follows: <br /> <br />The redevelopment of the Gateway Business District and associated public <br />improvements. <br /> <br />3. <br /> <br />The specific fund or account of the City from which expenditure to be reimbursed <br />will be paid, and the general functional purpose of that fund or account, are as <br />follows: <br /> <br />The Arden HiIIs General Fund 101, DevelopmentlRedevelopment Fund 522, <br />and Permanent Improvement Revolving Loan Fund 501 may be used to <br />finance all land acquisition, engineering, legal, architectural, financial and <br />bond consultant costs associated with the project identified in Item 2 above. <br /> <br />4. The maximum principal amount of the debt expected to be issued by the City for <br />the purpose of reimbursing and expenditures to which this Declaration relates (the <br />"Expenditures") is on the date hereof reasonably estimated to be $4,100,000. <br />Each of the Expenditures is (or would be with a proper election) a capital <br />expenditure under the federal tax law principles, as described in the Regulations. <br /> <br />5. The City intends and reasonably expects to reimburse itself for the payment ofthe <br />Expenditures out ofthe proceeds of a borrowing (the "Bonds") to be made by the <br />City after the date of payment ofthe Expenditures. <br /> <br />6. <br /> <br />As of the date hereof, there are no sources of City funds which have been or are <br />reasonably expected to be allocated or available on a long-term basis, reserved, or <br />otherwise set aside to provide permanent financing for the Expenditures, other <br />than pursuant to the subsequent issuance of the Bonds. On the basis on the <br />foregoing, the statements and certifications contained in this Declaration are <br />believed to be reasonable and accurate, and this Declaration is believed to be <br />