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J 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 Exhibit A and the principal amount of the Bonds set forth in EXHIBIT A are consistent with the City's budgetary and financial circumstances. No source other than 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 financial policies to pay such Project expenditures. 9. This resolution is intended to constitute a declaration of official intent for purposes of the Reimbursement Regulation. 10. No reimbursement allocation of the proceeds of the Bonds to Project expenditures 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 Watson and was supported by Councilor Rasmussen and _ � _.�__._.i L,...,.,7 .. rL,a f llnwinn vnta• was uecialeu adu tCce NAME uaacu u vu EMEOTT WATSON RASMUSSEN SCHILLING BOSAK VOTE Aye Aye Aye Absent Absent 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 rite rn„nril of the Citv of Gem Lake on the date first written. i Frederic C. Magnuson, City Clerk Date Certif ieb CoP9 e-file: resolution\2006�io2006-06 Page 5 of 6