RES 2004 - Laserfiche WebLink

Home

7. The limitations set forth in paragraphs 44*and 5 of this resolution do not:apply to: (i) the costs of issuance of the Bonds; (ii) ati amount not in .excess of the lesser of SI00,000 or five percent (5%) of :the proceeds. of the Bonds; or (ih) preliminary e\pendititres up to an amount not .in excess oftwbi ty percent (20°fo)'of the aggregate issue price of.tite Bonds.that finance. or are reasonably expected by the City to finance the Projects for which the preliminary expenditures were incutTeii. 1-he term "preliminary expenditures" includes architectural, engineering, surveying, soil testing, reimbursement bond issuance;. and similae costs that are incurred prior to cominenceinent.of.acquisition, construction, or rehabilitation of a Project, otherrthiia -land acquisition, site preparation, and similar costs incident to commencement (if 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 EXVIIBIT A. and the principal amount of .the Bonds set. forth in EXHIBIT A are consistent with the City's budgetary and linancial c.ircurnstances. No sources other than proceeds. of Ponds, to be issued by the City are, or arereasonably 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 Project expenditures.. 9. l his resolution is intended to constitute a deciaration of official intent for purposes of the Reimbursement Regulation. 10. Noreimbursement allocation of the proceeds'of a Bonds W*Project expenditures will employ an abusive arbitrage device (within the meaning of Treasury Regulations,:Section IA 48;- 10) to. avoid the *arbitrage restrictions or tb-avoid the restrictions of Sections 1424of the Code. The foregoing Resolution was offered-by*Coun0or lgo"and was supported by Counciior Bosak and was declared adopted based upon the foljbwing vote: N:AML CMEO17'' V1�AT$QN'. $Ii�iCEB; Aq BbSAK VOTE Ave Aye- Aye Aye Aye ATTEST 1, 1=rederic..C.. Magnuson, the duly qualified City Clerk of the City of Gem Lake, County of Rairisey, .State df Minnesota, do hereby certify that the foregoing Resolution is a true and accurate. representatiop of action taken by the City Council of the City of Gent Lake on the date first written. Frederic e. ragnuson; City Clerk (aE190-0103wi) 2496400 �Cerii eb CopB Date e-file: resoliftion',22O04,io2004-07 1-