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7. The limitations set "forth in paragraphs 4 and of thisresolution do not apply to: (i) the costsof issuance of the Bonds: (ii) an amount not inexcess of the lesser of $100.,000or five percent (5%) of the proceeds of the Bonds; or (iii) preliminary expenditures up to: an amount not in excess of twenty percent (20%) of the aggregate issue price of the Bonds that finance or are reasonably expected by the City to finance the. Projects for which the preliminary expenditures were incurred. The term "preliminary expenditures" includes architectural, engineering, surveying, soil testing, reimbursement 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, andsimilar costs incident to commencement of construction. 8. This resolution 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 set forth at 1 XI I]B11 A and.. the principal amount of the Bonds set Earth in EXHIBIT A are consistent with the City's budgetary and financial circumstances. No sources other than proceeds of 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 financialpolicies to pay such Project expenditures. 9. This resolution is intended to constitute a declaration of official intent for purposes oldie Reimbursement Regulation. 10. No reimbursement allocation of the proceeds of the Bonds to Projectexpenditures will employ an abusive arbitrage device (within the meaning of Treasury Regulations, Section 1.148-10) to avoid the arbitrage restrictions or to avoid the restrictions of Sections 142-7 of the. Code. The foregoing Resolution was offered by Councilor Igo and was supported by Councilor Bosak and was declared adopted based upon the following vote: I AME:.. .. l EOTT . WATSON .... SIRICE. BAK IGI] AUSA:K VQTE.:'..::..:.::::: Aye Aye Ayc Aye. Aye ATTEST I. Frederic C. Magnuson, the duly qualified City Clerk of the City of Gem Lake, County of Ramsey, State of Minnesota, do hereby certify that the foregoing Resolution is a true and accurate representation of action taken by the City Council of the City of Gene Lake on the date first.written. 24. 2004 Frederic C. Magnuson, City Clerk Gil 190-02(13 W.1 ) 248040v! ilterti jieb CONS Date e-file: n soliition12O041no2004.-07 -2-