Resolutions-2015-019 (2)

P A' Tiffin / 436989- 11 ! RRR b) x. Other than ( i) expenditures to be paid or "reimbursed from sources other than the Bonds or ( ii) expenditures made no earlier than; sixty days prior to the dateof this Resolution or ( iii) expenditures amounting to the lesser of $ 100, 000 or 5% of the proceeds of the Bonds or- ( iv) expenditures constituting preliminary expenditures as defined in Section 1. 150- 2( f)(2) of the Regulations, no expenditures for the Project have heretofore been made by the Cityfor which the City will seek reimbursement from ,the F m proceeds of the Bonds. Y M c) This declaration is a Ydeclaration- of official ' intent adopted pursuant to Section 1. 150- 2 of the Regulations. Section 3. Budgetary Matters. , s As of the date hereof, there are no City funds reserved, allocated on a long term basis or otherwise set aside ( or reasonably expected to, be reserved, allocated on a long, term basis or otherwise set aside) to provide permanent financing for the expenditures related to the Project, other than' pursuant to' Ahe issuance of the Bonds. This resolution,. therefore, is determined .to be consistent with the City' s budgetary and financial circumstances as they exist or,,are_reasonably foreseeable on the date hereof, all within the meaning and content of the Regulations. E Section 4. Reimbursement Allocations. The City' s financial officer shall be responsible for making " the " reimbursement allocations" described in the Regulations; being' generally the transfer of the, appropriate amount of proceeds of the- Bonds to reimburse the source of temporary financing used by the City to make payment of the prior costs of the Project. Each allocation shall' be evidenced by an entry on the official books and records of the City maintained for•the' Bonds, shall specifically identify ' the actual prior expenditure being reimbursed or, in the case of reimbursement of a fund or account, the fund or account from which the experiditure was paid, and shall be effective to relieve the proceeds of the Bonds from any restriction' under the -bond resolution or other relevant legal documents, for the Bonds, and under any applicable state statute, which would apply to the unspent proceeds of the Bonds. Section 5. Repealer. All, resolutions, parts of resolutions, or actions of the council in conflict herewith are, hereby repealed, to the, extent of such conflict. Passed and approved February 11, 2015. / Mayor- , Attest: e Deputy Cit er Page 2