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4 authorized and directed to set a date for such public hearing and to cause notice thereof to be published. The notice of public hearing shall be in the form required by Section 147(f) of the Code (and applicable Regulations) and the Housing Act, and shall be published once in a newspaper of general circulation in the City within the required notice period set forth in Section 462C.04, subdivision 2 of the Housing Act. At the public hearing, a reasonable opportunity shall be provided for interested individuals to express their views, both orally and in writing, on the Project and the proposed issuance of the Bonds. Taft Stettinius & Hollister LLP (“Bond Counsel”) is hereby authorized and directed to publish a notice of the public hearing as provided in this Section 3 as directed by the City Administrator. 3. Preparation and Submission of a Housing Program. The Council hereby authorizes the preparation of the Housing Program by Bond Counsel, with respect to the issuance by the City of revenue bonds or other obligations in an amount not to exceed $17,250,000 to finance the Project, and to submit such Housing Program to the Metropolitan Council for its review and comment on or before the date of publication of the notice of public hearing in accordance with the requirements of the Housing Act. 4. Submission of an Application for an Allocation of Bonding Authority. The Council hereby authorizes the submission of an application for an allocation of bonding authority pursuant to Section 146 of the Code and in accordance with the requirements of the Allocation Act, in the maximum principal amount of $17,250,000. The Mayor and the City Administrator and Bond Counsel are hereby authorized and directed to take all actions, in cooperation with the Borrower, as are necessary to submit an application for an allocation of bonding authority to the Minnesota Department of Management and Budget. 5. Costs. The Borrower shall pay to the City any and all costs incurred by the City in connection with the Bonds or the financing of the Project, whether or not the financing of the Project is carried to completion, and whether or not the Bonds or operative instruments are executed and delivered. The Borrower shall also comply with the administrative fee policy of the City respecting conduit revenue bond issues. 6. Reimbursement of Costs under the Code. (a) The United States Department of the Treasury promulgated Section 1.150-2 of the Regulations, which governs the use of the proceeds of tax-exempt bonds, all or a portion of which are to be used to reimburse the City or the Borrower for project expenditures paid prior to the date of issuance of such bonds. Section 1.150-2 of the Regulations requires that the City adopt a statement of official intent to reimburse an original expenditure not later than sixty (60) days after payment of the original expenditure. Section 1.150-2 of the Regulations also generally requires that the bonds be issued and the reimbursement allocation made from the proceeds of the bonds occur within eighteen (18) months after the later of: (i) the date the expenditure is paid; or (ii) the date the project is placed in service or abandoned, but in no event more than three (3) years after the date the expenditure is paid. The Regulations generally permit reimbursement of capital expenditures and costs of issuance of bonds. (b) To the extent any portion of the proceeds of the Bonds will be applied to expenditures with respect to the Project, the City reasonably expects to reimburse the Borrower for the expenditures made for costs of the Project from the proceeds of the Bonds after the date of payment of all or a portion of such expenditures. All reimbursed expenditures shall be capital expenditures, a cost of issuance of the Bonds, or other expenditures eligible for reimbursement under Section 1.150-2(d)(3) of the Regulations and qualifying expenditures under the Housing Act. (c) Based on representations by the Borrower, other than (i) expenditures to be paid or reimbursed from sources other than the Bonds, (ii) expenditures permitted to be reimbursed under prior regulations pursuant to the transitional provision contained in Section 1.150-2(j)(2)(i)(B) of the Regulations, (iii) expenditures constituting preliminary expenditures within the meaning of Section 1.150-