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(collectively the "Project"); and (iii) states the maximum principal amount of debt expected to be <br />issued by the City for the purpose of financing the Project; provided, however, that no such <br />Declaration shall necessarily have been made with respect to: (i) "preliminary expenditures" for <br />the Project, defined in the Reimbursement Regulations to include engineering or architectural, <br />surveying and soil testing expenses and similar prefatory costs, which in the aggregate do not <br />exceed twenty percent of the "issue price" of the Certificates, and (ii) a de minimis amount of <br />Reimbursement Expenditures not in excess of the lesser of $100,000 or five percent of the <br />proceeds of the Certificates. <br /> <br />(b)Each Reimbursement Expenditure is a capital expenditure or a cost of issuance of <br />the Certificates or any of the other types of expenditures described in Section 1.150-2(d)(3) of <br />the Reimbursement Regulations. <br /> <br />(c)The "reimbursement allocation" described in the Reimbursement Regulations for <br />each Reimbursement Expenditure shall and will be made forthwith following (but not prior to) <br />the issuance of the Certificates and in all events within the period ending on the date which is the <br />later of three years after payment of the Reimbursement Expenditure or one year after the date on <br />which the Project to which the Reimbursement Expenditure relates is first placed in service. <br /> <br />(d)Each such reimbursement allocation will be made in a writing that evidences the <br />City's use of bond proceeds to reimburse the Reimbursement Expenditure and, if made within <br />thirty days after the Certificates are issued, shall be treated as made on the day the Certificates <br />are issued. <br />Provided, however, that the City may take action contrary to any of the foregoing covenants in <br />this paragraph upon receipt of an opinion of its Bond Counsel for the Certificates stating in effect <br />that such action will not impair the tax-exempt status of the Certificates. <br /> <br /> <br />21.General Obligation Pledge. For the prompt and full payment of the principal and <br />interest on the Certificates, as the same respectively become due, the full faith, credit and taxing <br />powers of the City shall be and are hereby irrevocably pledged. If the balance in the Debt <br />Service Account is ever insufficient to pay all principal and interest then due on the Certificates <br />and any other certificates payable therefrom, the deficiency shall be promptly paid out of any <br />other funds of the City which are available for such purpose, and such other funds may be <br />reimbursed with or without interest from the Debt Service Account when a sufficient balance is <br />available therein. <br /> <br />22.Certificate of Registration. A certified copy of this resolution is hereby directed <br />to be filed with the County Auditor of Anoka County, together with such other information as <br />the County Auditor shall require and there shall be obtained from the County Auditor a <br />certificate that the Certificates have been entered in the Certificate Register and that the tax levy <br />required by law has been made. <br /> <br />23.Continuing Disclosure. The City is the sole obligated person with respect to the <br />Certificates. The City hereby agrees, in accordance with the provisions of Rule 15c2-12 (the <br />"Rule"), promulgated by the Securities and Exchange Commission (the "Commission") pursuant <br /> 17 <br /> <br /> <br />