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CITY OF GEM LAKE RESOLUTION NO.2Q06-34 14 SEPTEMBER 260E A RESOLUTION DECLARiNG'THE:OFFICIAL INTENT OF GEM LADE TO REIMBURSE CERTAIN EXPENDITURES FROM THE PROCEEDS OF BONDS Tsj BE ISSUED BY THE CITY. WHEREAS, the lntemal Revenue Service has issued Treas. Reg. fl.150-2 (the "Reimbursement Regulations") providing that proceeds. of tax-exetrnptbonds. used to rcintburs...e prior "penditures will not be deemed.spent ahless certain requirements are met; and WHEREAS, :the City expects.fQ ineur dertainexpenditures that may be financed temporarily from sources other than. bands, and reimbursed .from the proceeds ofit tax -.exempt bond; WHIsREAS, the City has determined td make this declaratioit.-of official. intent ("Declaration".) to reimburse certain costs front.proceeds.of bonds in accordance with -the Reimbursement Regulations. NOW, THEREFORE, BE. IT RESQI,VED BY THE CITY COUNCIL OF GEM LAKE AS FOLLOWS: 1. 'iTte City proposes to undertake the following projects in the city in 2006 (the "ProjecP'): legal and oiher.professional expenses -in connection with threatened, annexation of:ciry property. 2. The City reasonably expects to reimburse the expenditures. niade for certain. costs of the- Project from the proceeds or bonds. in an estimated tiiaxinium principal anioutit of $300,000, All reimbursed expenditures will be capital expenditures, costs of issuance of the bonds, ar other expenditures eligible.for reimbursement under Section; L 150-2(dXY) of the Reimbursement Itr.eu latiotts: 3. This Declaration. has been inade not later than sixty (60) days after payment of axtypriginal expenditure to be subject to. i.reimbursement allocation with respect:to the proceeds of bonds, etxcept:for the following expenditures: (a) costs of isstance of bonds; (b) costs in di atinourit not in excess of $100,000 or*five. (5,01%) percent 4the proceeds of.n issue; or ®) "preliminary expenditures" up Wan amount: not in excess of twenty (20"/u) percent of fhe aggregate issue price of the issue or issues iliac Finance :or are reasonably expected by the. City to.finance the..project for which the preliminary expenditures:were incurred. The tenn"preliminary expenditures" includes architectural, engineering, surveying, bond issuance, and similar costs that tire, incurred prior to. commenceinent. of acquisition, construction or rehabilitation of a project, other than -land acquisition;. site. prgmration, and similar costs. incident to t:o0im neement of conste-ttction. a. This Declaration 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 fbrthe Project and the principal arnount of the bonds described in paragraph 2 are donsistent with the City's budgetary and financial circumstances.. No sources -other than proceeds of bonds tobe issued by the City:are, or.are reasonably expected to.be, Teserved, allocated on a long-term basis, or otherwise set aside pursuant to the.City's budget or financial. policies to pay such Project expenditures. i. This Declaration is intended .to constitute a declaration of official intent for purposes of the Reimbursement [i'e- 01tions,. Tire foregoing Resolution was offered by iviayor Cnreoll and was supported by Concilgr Bosak and was declared )leed based.tt n the-follbvAn vote: NAME 1JMEO.TT .V.1!ATSOiN. .RAS.kUS''SEN SCHILLING: SOSAK. VOTE Aye Aye Abse l.. Aye Aye Page .6 of 8