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<br />an Expenditure, no later than 18 months after the later of the date on which the Expenditure is <br />paid or the Project is placed in service or abandoned, but in no event more than three years after <br />the date on which the Expenditure is paid. The Issuer recognizes that exceptions are available <br />for certain "preliminary expenditures," costs of issuance, certain de minimis amounts, <br />expenditures by "small issuers" (based on the year of issuance and not the year of expenditure) <br />and expenditures for construction projects of at least 5 years. <br /> <br />Section 5. This resolution shall take effect immediately upon its passage. <br /> <br />PASSED AND ADOPTED THIS _ day of July, 2005. <br /> <br />The Members of the City Council voted as follows on the foregoing Resolution <br /> <br />Aves <br /> <br />Navs <br /> <br />Absent <br /> <br />Abstentions <br /> <br />Mayor, City Council <br />City of Martinsville, Virginia <br /> <br />Attested to: <br /> <br />Clerk, City Council <br />of City of Martinsville, Virginia <br /> <br />2 <br />