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<br />("" <br />.,j'\'. <br /> <br />July 12, 2005 <br /> <br />Section 1. The Council hereby declares the Issuer's intent to reimburse <br />the Issuer with the proceeds of the Notes and the Bonds for the Expenditures <br />with respect to the Project made on and after May 13, 2005, which date is no <br />more than 60 days prior to the date hereof. The Issuer reasonably expects on <br />the date hereof that it will reimburse the Expenditures with the proceeds of the <br />Notes and the Bonds. <br /> <br />Section 2. Each Expenditure was and will be either (a) of a type properly <br />chargeable to capital account under general federal income tax principles <br />(determined in each case as of the date of the Expenditures), (b) a cost of <br />issuance with respect to the Notes and the Bonds, (c) a nonrecurring item that <br />is not customarily payable from current revenues, or (d) a grant to a party that <br />is not related to or an agent of the Issuer so long as such grant does not <br />impose any obligation or condition (directly or indirectly) to repay any amount <br />to or for the benefit of the Issuer. <br /> <br />Section 3. The maximum principal amount of the Notes expected to be <br />issued for the School Project is $2,500,000 and the maximum principal <br />amount of the Bonds expected to be issued for the Landfill Project is <br />$2,500,000. <br /> <br />Section 4. The Issuer will make a reimbursement allocation, which is a <br />written allocation by the Issuer that evidences the Issuer's use of proceeds of <br />the Notes and the Bonds to reimburse an Expenditure, no later than 18 <br />months after the later of the date on which the Expenditure is paid or the <br />Project is placed in service or abandoned, but in no event more than three <br />years after the date on which the Expenditure is paid. The Issuer recognizes <br />that exceptions are available for certain "preliminary expenditures," costs of <br />issuance, certain de minimis amounts, expenditures by "small issuers" (based <br />on the year of issuance and not the year of expenditure) and expenditures for <br />construction projects of at least 5 years. <br /> <br />Section 5. This resolution shall take effect immediately upon its passage. <br /> <br />EXHIBIT A <br /> <br />DESCRIPTION OF PROJECTS <br /> <br />School Proiect: <br />