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intent (a "Declaration") which effectively <br /> (i) states the City' s reasonable expectation <br /> to reimburse .itself for the payment of the <br /> Reimbursement Expenditure out of the proceeds <br /> of a subsequent borrowing; (ii) gives a <br /> general and functional description of the <br /> property, project or program to which the <br /> Declaration relates and for which the <br /> Reimbursement Expenditure is paid, or <br /> identifies a specific fund or account of the <br /> City and the general functional purpose <br /> thereof from which the reimbursement <br /> Expenditure was to be paid (collectively the <br /> '1pro]ect") f and (iii) states the maximum <br /> principal amount of debt expected to be <br /> issued by the city for the purpose of <br /> f inancing the Project; provided, however, <br /> that no such Declaration shall necessarily <br /> have been made with respect tot (i) <br /> "preliminary expenditures" for the pro 3 ect, <br /> defined in the Reimbursement regulations to <br /> include engineering or architectural, <br /> surveying and soil testing expenses and <br /> similar prefatory casts, which in the <br /> aggregate do not exceed 20% of the "issue <br /> price" of the Bonds, and (ii) a de minimi s <br /> amount of Reimbursement Expenditures not in <br /> excess of the lesser of $100, 000 or 5 of the <br /> proceeds of the Bonds. Notwithstanding the <br /> foregoing, with respect to any Declaration <br /> made by the city between January 27 , 1992 and <br /> June 30, 1993{ with respect to a <br /> Reimbursement Expenditure made prior to March <br /> 2, 1992 , the City hereby represents that <br /> there exists objective evidence, that at the <br /> time the Expenditure was paid the city <br /> expected to reimburse the cost thereof with <br /> the proceeds of a borrowing (taxable or tax- <br /> exempt) and that expectation was reasonable. <br /> (b) Each Reimbursement Expenditure is a capital <br /> expenditure or a cost of issuance of the <br /> Bands or any of the other types of <br /> expenditures described in section 1. 150- <br /> (d) (3) of the Reimbursement Regulations. <br /> (c) The "reimbursement allocation" described in <br /> the Reimbursement Regulations for each <br /> Reimbursement Expenditure shall and will be <br /> made forthwith following ( not prior to) <br /> the issuance of the Bonds and in all events <br /> within the period ending on the date which is <br /> the later of three years after payment of the <br /> Reimbursement Expenditure or one year after <br /> the date on which the Pro]ect to which the <br /> 1006009.1 25 <br />