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s. This resolution is an expression ofthe reasonable expectations..of the City.based on. tiie facts mid.circumstances <br />kiidwriJb the City as of the date hereof: The anticipated original -expenditures for tho Projects set forth at E%hibit <br />:A and. the principal arnount of the Bonds :set. forth in EXHIBLT A are--ptisistent with the Chy's budgetary. and <br />financial circutnstances. No.source other than Bonds to.be issued by the City are, or are reasonably expected to be; <br />reserved, allocated on a long-term basis, or otherwise set aside pursuant to. the Gity's budget or financial. policies <br />to pay such Project expendittires. <br />9. " f'his resofution is intended to constitute a declaration of official intuit. for purposes of the Reitnbursernenl <br />I.Zesnittt': <br />Ip. No reimbursement allocation of the proceeds of the Bonds.tb- Projet;t ezpenditutes will etiipiloy an abusive <br />arbitrage device {within the meaning of Treasury Regulations, Section L 148-1010 avoid the.arbitrage restrictions <br />or to avoid the restrictions of Sections 142-7 ofthe Code. <br />The toreboiti� Resolution was offered by.Cou. r Watson and. was supportedby Counci for Rammissen.and <br />wasclared adoplred based upon die followine vote! <br />NAMI~ <br />WEQT- T ' <br />WATSON <br />:`RASIVIUSSEli1'' <br />: SC:H..I:LL;I.ING.. <br />` BOSAK. <br />VOTE. <br />ifye <br />Aye <br />Aye <br />Absent <br />Ahst,nl <br />ATTEST <br />1. Frederic C. Magnuson; (lie .duty qualified City Clerk of the City of Gem Lake, Cotinty-of Ramsey, State of <br />'Viinnesota. do hereby.certify that the foregoing Resolution is. a *trite and accurate representation of action taken .by the. <br />City Council ofthe City of Gem Lake on the date first written. <br />,?-/ �91W"zaf,-w 2006' <br />Frederic C. Magnusgn, City Clerk Date <br />&rtifiieb OP <br />c-f Ic rc5plu1iun120t1ti4�u?f►066 <br />Page 5 of 6 <br />