Laserfiche WebLink
A]_t,'g IS '91 1~.:50 HOLr'IE$ g C.-;F~IAVEIq P, 11 <br /> <br /> (b) Preliminar~ Expenditures - The deel~atton of official <br />intent for Preliminary expenditures must occur' at any time on or <br />before the date the expenditure is paid. Preliminm'y ex~ndltu~es ~e <br />costs such ~ a~hlteetu~, end,erring, su~e~in~ ~il'testin~ an~ <br />simll~ e~ts incurred prio~ to eo~t~etion or acquisition, but not <br />including land acquisition, site pre~ation~ and simil~ e~ts incident <br />to commencement of ~nstruetio~ P~elimin~ e~ndttures may <br />not exee~ I0% of the expeet~ e~ determined ~ of the e~lier of <br />the ~ i~ue date or the eo~t~ction commencement (o~ <br />abandonment). <br /> <br />3. .R. eimburse, meat period. <br /> <br /> (a) General Eule. The allocation of bond proceeds to the <br />reimbursement must coeur on or after the date of the e~penditure <br />and not later than one year after the expenditure was paid or the <br />date the property was placed in serviee~ whichever is later. <br /> <br /> (b) Abandonment. If a project is abandoned, the <br />reimbursement period requirement does not apply to preliminary <br />expenditm'e$ if a reimbursement allocation is made not later than one <br />year after abandonment or three years after the expenditures, <br /> <br /> (e) Method of Allocation. An allocation of bond proceeds <br />to reimburse a prior expenditure= <br /> <br /> (i) must be evidenced by an entry on the books or <br />records of the issuer maintained with respect to the bonds, and <br /> <br /> (ii) must speeifiea21y identity the actual prior <br />expendlture~ and <br /> <br /> (iii) mu~t be effective to relieve the allocated <br />proceeds from any restrictions under the relevant legal <br />documents and applicable state law tha'c apply on17 to ur~pent <br />proceeds. <br /> <br />(d) Reasonableness. <br /> <br /> (i) Budge,t...ary Financial Circumstances. An official <br />intent must be consistent with budgetary and financial <br />eh'eumstanees of the issuer as of the date of official intent, <br />The issue must not reasonably expect or intend to reimburse <br />an expenditure for which funds other than bond proceeds re <br />expected to be allocated or reserved on a long-term basis~ <br />aside from bona fide changed eLteumstances~ <br /> <br /> (ii) Pattern of Failing to Reimburse. The issuer <br />must not have a pattezm of failing to reimburse expenditures <br />for which official latent has been declared. This is an all facts <br />amd eircumstamees test with a safe harbor. Where the issue <br />has reimbursed with p~oceeds of a borrowing at least ?5% of <br /> <br /># $ <br /> <br /> <br />