Resolution 17-06 - Laserfiche WebLink

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marketa.bility of the Certificate as the same appear from the books and records under their � custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representa.tions of the City as to the facts recited therein. 13. Comnliance With Reimbursement Certificate Regulations. The provisions of this paragraph are intended to establish and provide for the City's compliance with United Sta.tes Treasury Regulations Section 1.150-2 (the "Reimbursement Regulations") applicable to the "reimbursement proceeds" of the Certificate, being those portions thereof which will be used by the City to reimburse itself for any expenditure which the City paid or will ha.ve paid prior to the Closing Date(a"Reimbursement Expenditure"). The City hereby certifies and/or covenants as follows: (a) Not later than sixty days after the date of payment of a Reimbursement Expenditure,the City(or person designated to do so on behalf of the City)has made or will have ma.de a written declazation of the City's official intent(a"Declaration")which effectively(i) states the City's reasonable expectation to reimburse itself for the payment of the Reimbursement Expenditure out of the proceeds of a subsequent borrowing; (ii) gives a general and functional description of the property,project or program to which the Declaration relates and for which the Reimbursement Expenditure is paid, or identifies a specific fund or account of the City and the general functional purpose thereof from which the Reimbursement Expenditure was to be paid (collectively the "Project"); and(iii) states the ma�cimum principal amount of debt expected to be issued by the City for the purpose of financing the Project;provided,however,tha.t no such `-- Declaration shall necessarily have been made with respect to: (i) "preliminary expenditures" for the Project, defined in the Reimbursement Regulations to include engineering or architectural, surveying and soil testing expenses and similar prefatory costs, which in the aggregate do not exceed 20%of the "issue price" of the Certificate, and(ii)a de minimis amount of Reimbursement Expenditures not in excess of the lesser of$100,000 or five percent of the proceeds of the Certificate. (b) Each Reimbursement Expenditure is a capital expenditure or a cost of issuance of the Certificate or any of the other types of expenditures described in Section 1.150-2(d)(3)of the Reimbursement Regulations. (c) The "reimbursement allocation" described in the Reimbursement Regulations for each Reimbursement Expenditure shall and will be made forthwith following(but not prior to) the issuance of the Certificate and in all events within the period ending on the da.te which is the later of three years after payment of the Reimbursement Expenditure or one year after the da.te on which the Project to which the Reimbursement Expenditure relates is fust placed in service. Each such reimbursement allocation will be made in a writing that evidences the City's use of Certificate proceeds to reimburse the Reimbursement Expenditure and, if made within thirty da.ys after the Certificate is issued, shall be treated as made on the day the Certificate is issued. `�.._., 10 8126692v1