Agenda - Council - 03/14/2000 - Laserfiche WebLink

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mm~UU~IYlUKUHm ~ax:$512256645 Mar 14 '00 9:19 P. 20 The City hereby certifies and/or covenants as follows: (a) Not later than 60 days after the date of payment of a Reimbursement Expenditure, the City (or person designated to do so on behalf of the City) has made or will have made a written declaration of the City's official intent (a "Declaration") which effectively (i) states the City's reasonable expectation to reimburse itself for the payment of the ~eimbursement Expenditure out of the proceeds of a subsequent borrowing; (ii) 9ives a 9eneral and functional description of the property, project or program to which the Declaration relates and for which the Reimbursement Expenditure is paid, or identifies a specific fund or account of the City and the 9eneral functional purpose thereof from which the Reimbursement Expenditure was to be paid (collectively the "Project"); and (iii) states the maximum principal amount of debt expected to be issued by the City for the purpose of financ±ng the Project; provided, however, that no such Declaration shall necessarily have been made with respect to~ (i) "preliminary expenditures,, for the Project, defined in the Reimbursement Regulations to include en~ineerin~ or architectural, surveyin~ and soil testin~ expenses and similar prefatory costs, which in the aggregate do not exceed 20% of the "issue price" of the Certificates, and (ii) a de minimis amount of Reimbursement Expenditures not in excess of the lesser of $100,000 or 58 of the proceeds of the Certificates. (b) Each Reimbursement Expenditure is a capital expenditure or a cost of issuance of the Certificates or any of the other types of expenditures described in Section 1.150- 2(d) (3) of the Reimbursement Regulations. The "reimbursement allocation,, described in the Reimbursement Regulations for each Reimbursement Expenditure shall and will be made forthwith following (but not prior to) the issuance of the Certificates and in all events within the period ending on the date which is the later of 18 months after payment of the Reimbursement Expenditure or one year after the dace on which the Project to which the Reimbursement Expenditure relates is first placed in service, but not more than three years after the date of the Reimbursement Expenditure. Each such reimbursement allocation will be made in a writing that evidences the City,s use of Certificate proceeds to reimburse the Reimbursement Expenditure and, if made within 30 days after the Certificates are