Agenda - Council - 12/19/2000 - Laserfiche WebLink

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-108- The City hereby certifies and/or covenants as follows: (a) Not later than 60 days after the date of payment ora 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 Reimbursement Expenditure out of the proceeds of a subsequent borrowing; (ii) gives a general and Functional description of the property, project or pro,am 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 general 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 financing 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 engineer/ng or architectural, surveying and soil testing expenses and similar prefatory costs, which in the ag~egate do not exceed 20% of the "issue price" of the Bonds, and (ii) a de minimis amount of Reimbursement Expenditures not in excess of the lesser orS 100,000 or 5% of the proceeds of the Bonds. (b) Each Reimbursement Expenditure is a capital expenditure or a cost of issuance of the Bonds or any of the other types of expenditures described in Section 1.150- 2(d)(3) of tim 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 Bonds and in ali events within the period ending on the date wl,2ch is the later of three years after payment of the Reimbursement Expenditure'or one year after the date on which the Project to which the Reimburseffi~ht Expenditure relates is first placed in service. (d) Each such reimbursement allocation will be made in a writing that evidences the City's use of Bond proceeds to reimburse the Reimbursement Expenditure and, if made within 30 days after the Bonds are issued, shall be treated as made on the day the Bonds are issued. Provided, however, that the City. may take action contrary to any of the foregoing covenants in this paragraph upon receipt of an opinion of its Bond Counsel for the Bonds stating in effect that such action will not impair the tax-exempt status of the Bonds. Bonds. 1237483.1 22: Continuin~ Disclosure. The City is the sole obligated person with respect to the The City hereby agrees, in accordance with the provisions of Rule 15c2-12 (the "Rule"), 2O