Resolutions-2016-048

Tiffin/ 436989- 14/ 1" Y: - Sewer Rev r k k Section 3. Pursuant to Section 1. 150- 2 of the Income Tax Regulations ( the Regulations") of the Internal Revenue Service, the City declares ( a) that it intends to undertake the Project which is reasonably estimated to cost approximately $ 2, 400, 000, ( b)' that other than i) expenditures to be paid or reimbursed from sources other than the issuance of bonds, notes or other obligations ( the " Bonds"), or ( ii) expenditures made not earlier than 60 days prior to the date of this Resolution or, a previous intent resolution of the City, or ( iii) expenditures amounting to the lesser of $ 100, 000for 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 City and no expenditures will be made by the City until after the date of this Resolution or a prior intent resolution of the City, and ( c) that the City' reasonably expects to reimburse the expenditures made for costs of the City out of the proceeds of the Bonds. This declaration is a declaration of official intent adopted pursuant to Section 1. 150- 2 of the Regulations. Section 4. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. Section 5.This resolution shall be in full force and effect immediately upon it adoption and approval, as provided by law. Passed an& approved this July 19, 2016. Mayor Attest: City Clerk On motion and vote, the meeting adjourned. Mayor 4 - Attest: City Clerk 4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA