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(a) Each Declaration shall be made not later than 60 days after payment of the <br />applicable project cost and shall state that the Authority reasonably expects to reimburse <br />itself for the expenditure outiofthe prOceeds of a bond issue or similar borrowing. Each <br />Declaration may be made sUbstantiallY lin 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 /> <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 /> <br /> (c) Care shall be taken s° that the Authority, or its authorized representatives <br />under this Resolution, not make Declarations in cases where the Authority doesn't <br />reasonably expect that reimbursement bonds will be issued to finance the subject project <br />costs, and the Authority officials are hereby authorized to consult with bond counsel to <br />the Authority concerning the requirementsof the Regulations and their application in <br />particular circumstances. <br /> <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 /> <br /> 3. Reimbursement All0cations.: If the Authority is acting as the issuer of the <br />reimbursement bonds, the designated Authority officials shall also be responsible for making the <br />"reimbursement allocations" described in the Regulations, being generally written allocations <br />that evidence the Authority's use of the applicable bond proceeds to reimburse the original <br />expenditures. <br /> <br /> 4. Effect. This Resolution shall amend and supplement all prior resolutions and/or <br />procedures adopted by the Authority 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 /> <br /> 2005. <br /> Adopted by the Board on February 2,! <br /> <br /> Ch~air <br /> <br /> /~i~.,Chair <br /> The motion for the adoption of the foreg'-6~ng resolution was duly seconded by Member <br />Letourneau, and upon vote being taken thereon, the following voted in favor thereof: Members <br />Elvig, Letourneau, Steffen, Strommen, Kiefer, Gromberg. <br /> <br />and the following voted against the same: Chairperson Riley <br /> <br />Whereupon the resolution was declared passed and adopted. <br /> <br />2 <br /> <br /> <br />