Laserfiche WebLink
with the requirements of the Regulations, including without <br />limitation the following: <br /> <br /> (a) Each Declaration shall be made not later than 60 <br />days after payment of the applicable project cost and shall <br />state that the Authority reasonably expects to reimburse <br />itself (or the City) for the expenditure out of the proceeds <br />of a bond issue or similar'borrowing. Each Declaration may <br />be made'substantially in the form of the Exhibit A which is <br />attached to and made a part of this Resolution, or in any <br />other format which may at the time comply with the <br />Requlations. <br /> <br /> (b) Each Declaration shall (1) contain a reasonably <br />accurate description of the "project," as defined in the <br />Regulations (which may include the property or program to be <br />financed, as applicable), to which the expenditure relates <br />and (2) state the maximum principal amount of bonding <br />expected to be issued for that project. <br /> <br /> (c) Care shall be taken so that the Authority, or its <br />authorized representatives under this Resolution, not make <br />Declarations in cases where the Authority doesn't reasonably <br />expect to issue reimbursement bonds to finance the subject <br />project costs, and the Authority officials are hereby <br />authorized to consult with bond counsel to the Authority <br />concerning the requirements of the Regulations and their <br />application in particular circumstances. <br /> <br /> (d) The Board shall be advised from time to time on <br />the desirability and timing of the issuance of reimbursement <br />bonds relating to project expenditures for which the <br />Authority has made Declarations. <br /> <br /> 3. Reimbursement Allocations. The designated Authority <br />officials shall also be responsible for making the "reimbursement <br />allocations" described in the Regulations, being generally <br />written allocations that evidence the Authority's use of the <br />applicable bond proceeds to reimburse the original expenditures. <br /> <br /> 4. Effect. This Resolution shall amend and supplement all <br />prior resolutions and/or procedures adopted by the Authority for <br />compliance with the Regulations (or their predecessor versions), <br />and, henceforth, in the event of any inconsistency, the <br />provisions of this Resolution shall apply and govern. <br /> <br /> Adopted this 30TM day of September, 1999, by the Economic <br />Development Authority of the City of Ramsey Board of <br />Commissioners. <br /> <br />I088210.1 2 <br /> <br /> <br />