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(a) Each Declaration shall be made not later than sixty days after payment of <br />the applicable project cost and shall state that the City reasonably expects to reimburse <br />itself for the expenditure out of the proceeds of a bond issue or similar borrowing. Each <br />Declaration may be made substantially in the form of the Exhibit A which is attached to <br />and made a part of this Resolution, or in any other format which may at the time comply <br />with the Regulations. <br />(b) Each Declaration shall (1) contain a reasonably accurate description of the <br />"project," as defined in the Regulations (which may include the property or program to be <br />financed, as applicable), to which the expenditure relates and (2) state the maximum <br />principal amount of bonding expected to be issued for that project. <br />(c) Care shall be taken so that the City, or its authorized representatives under <br />this Resolution, not make Declarations in cases where the City doesn't reasonably expect <br />that reimbursement bonds will be issued to finance the subject project costs, and the City <br />officials are hereby authorized to consult with bond counsel to the City concerning the <br />requirements of the Regulations and their application in particular circumstances. <br />(d) The Council shall be advised from time to time on the desirability and <br />timing of the issuance of reimbursement bonds relating to project expenditures for which <br />the Authority has made Declarations. <br />3. Reimbursement Allocations. If the City is acting as the issuer of the <br />reimbursement bonds, the designated City officials shall also be responsible for making the <br />"reimbursement allocations" described in the Regulations, being generally written allocations <br />that evidence the City's use of the applicable bond proceeds to reimburse the original <br />expenditures. <br />4. Effect. This Resolution shall amend and supplement all prior resolutions and/or <br />procedures adopted by the City for compliance with the Regulations (or their predecessor <br />versions), and, henceforth, in the event of any inconsistency, the provisions of this Resolution <br />shall apply and govern. <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br />LeTourneau and upon vote being taken thereon, the following voted in favor thereof: <br />Mayor Strommen <br />Councilmember Kuzma <br />Councilmember LeTourneau <br />Councilmember Johns <br />Councilmember Riley <br />and the following voted against the same: <br />Councilmember Tossey <br />2317769v1 2 <br />