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Declaration of Official Intent <br />V The undersigned, being the dul y appointed and acting City <br />Administrator of the City of Little Canada, Minnesota (the "City "), <br />.;:,pursuant to and for purposes of compliance with Treasury <br />Regulations Section 1.103 -18 (the "Regulations ") under the Internal <br />'' "`Revenue Code of 1986, as amended, hereby states and certifies as <br />follows: <br />iY_ <br />1. The undersigned has been and is on the date hereof duly <br />;-authorized by the governing body of the City, the City Council, to <br />.._:make and execute this Declaration of Official Intent (the <br />"Declaration ") for and on behalf of the City. This Declaration is <br />-;a declaration of official intent under Treasurey Regulations <br />_Section 1.103 -18, <br />` 1 2A. The property, project, or program to which this <br />Declaration relates is generally and functionally described as <br />follows: <br />KANDICE HEIGHTS II PROJECT <br />2B. The specific fund or account of the City from which the <br />:,'.expenditure to be reimbursed will be paid, and the general <br />functional purpose of that fund or account, are as follows: <br />464 - Kandice Heights II <br />90 -20 <br />3. The maximum principal amount of the debt expected to be <br />issued by the City for the purpose of reimbursing the expenditures <br />t,'to which this Declaration relates (the "Expenditures ") is on the <br />t-date hereof reasonably estimated to be $141,500. Each of the <br />Expenditures is (or would be with a proper election) a capital <br />expenditure under federal tax law principles, as described in the <br />Regulations. <br />4. The City intends and reasonably expects to reimburse <br />itself for the payment of the Expenditures out of the proceeds of <br />a borrowing (the "Bonds ") to be made by the City after the date of <br />payment of the Expenditures. <br />5. As of the date hereof, there are no sources of City funds <br />which have been or are reasonably expected to be allocated or <br />available on a long -term basis, reserved, or otherwise set aside to <br />provide permanent financing for the Expenditures, other than <br />pursuant to the subsequent issuance of the Bonds. On the basis on <br />the foregoing, the statements and certifications contained in this <br />Page 17 <br />II 70HJ 7n7,4Ji, ii!,71iM L7,i•i .. 1„7„ <br />