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<br />Project expenditures. The City has not adopted any allocation, <br />budget, or restriction of moneys or adoption of a requirement or <br />policy to reimburse a fund, the primary purpose of which is to <br />prevent moneys from being available to pay an expenditure the City <br />intends to reimburse with proceeds of a borrowing. <br /> <br />5. This resolution is intended to constitute a declaration of <br />official intent for purposes of Tres. Reg. 1.103-18 and any <br />successor law, regulation, or ruling. <br /> <br />6. The allocation of proceeds of the bonds to be issued to <br />any Project expenditures described in Exhibit A will be made not <br />later than the later of one year after the expenditure was paid or <br />one year after the property was placed in service. <br /> <br />7. The proj ect expenditures described in Exhibit A are <br />capital expenditures as defined in Tres. Reg. 1.150-1(h), including <br />costs of issuance of the bonds to be issued in order to reimburse <br />the Project expenditures. <br /> <br />8. Proceeds of the bonds issued to reimburse the proj ect <br />expenditures described in Exhibit A will be deemed spent only when <br />(1) an allocation entry is made on the books or records of the City <br />with respect to the bonds ¡ (2) the entry identifies an actual <br />expenditure to be reimbursed, or where the Project is described as <br />a fund or account, the fund or account from which the expenditure <br />was paid¡ and (3) the allocation is effective to relieve the bond <br />proceeds from restrictions on unspent proceeds under applicable <br />documents and state laws. <br /> <br />9. No entity or entities possess simultaneously two or more <br />of the following discretionary and non-ministerial powers with <br />respect to the City: power to (1) remove without cause a <br />controlling portion of the City Council; (2) select, approve, or <br />disapprove a controlling portion of the City Council; (3) determine <br />the City's budget or require the use of the City¡s funds or assets <br />for the other entity's purpose; or (4) approve, disapprove, or <br />prevent the issuance of debt obligations of the City. <br /> <br />10. None of the proceeds of the bonds issued to reimburse the <br />City for the Project expenditures described in Exhibit A will be <br />used within one year of the allocation (i) to refund another <br />government obligation or (ii) to create or increase the balance in <br />a sinking fund or replace funds used for such purpose, or (iii) to <br />create or increase the balance in a reserve or replacement fund or <br />replace funds used for such purposes¡ or will be used at any time <br />to reimburse any person or City obligation (excluding a City inter- <br />fund borrowing); unless (i) such amounts are deposited in a bona <br />fide debt service or are used to pay debt service in the next one- <br />year period on any City obligation other than the reimbursement <br />bond, or (ii) the original issue was not reasonably expected to be <br />used to finance the expenditure. <br /> <br />2 <br />