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JAN 19 '95 04 :23PM EHLERS & ASSOCIATES P.22/28 <br />its obligations with respect to any prepayable Bonds called for <br />redemption on any date when they are prepayable according to <br />their terms, by depositing with the Bond Registrar an or before <br />that date a sum sufficient for the payment thereof in full, <br />provided that notice of redemption thereof has been duly given. <br />The City may also at any time discharge its obligations with <br />respect to any Bonds, subject to the provisions of law now or <br />hereafter authorizing and regulating such action, by depositing <br />irrevocably in escrow, with a suitable banking institution <br />qualified by law as an escrow agent for this purpose, cash or <br />securities described in Minnesota Statutes, Section 475.67, <br />Subdivision 8, bearing interest payable at such times and at such <br />rates and maturing on such dates as shall be required, without <br />regard to sale and /or reinvestment, to pay all amounts to become <br />due thereon to maturity or, if notice of redemption as herein <br />required has been duly provided for, to such earlier redemption <br />date. <br />19. Compliance With Reimbursement Bond Regulations. <br />The provisions of this paragraph are intended to establish and <br />provide for the City's compliance with United States Treasury <br />Regulations Section 1.150 -2 (the "Reimbursement Regulations ") <br />applicable to the "reimbursement proceeds" of the Bonds, being <br />those portions thereof which will be used by the City to <br />reimburse itself for any expenditure which the City paid or will <br />have paid prior to the Closing Date (a "Reimbursement <br />Expenditure "). <br />The City hereby certifies and /or covenants as follows: <br />(a) Not later than 60 days after the date of payment of a <br />Reimbursement Expenditure, the city (or person <br />designated to do so on behalf of the City) has made or <br />will have made a written declaration of the City's <br />official intent (a "Declaration") which effectively (i) <br />states the City's reasonable expectation to reimburse <br />itself for the payment of the Reimbursement Expenditure <br />out of the proceeds of a subsequent borrowing; (ii) <br />gives a general and functional description of the <br />property, project or program to which the Declaration <br />relates and for which the Reimbursement Expenditure is <br />paid, or identifies a specific fund or account of the <br />City and the general functional purpose thereof from <br />which the Reimbursement Expenditure was to be paid <br />(collectively the "Project "); and (iii) states the <br />maximum principal amount of debt expected to be issued <br />by the City for the purpose of financing the Project; <br />provided, however, that no such Declaration shall <br />necessarily have been made with respect to: (i) <br />"preliminary expenditures" for the Project, defined in <br />281035.1 23 <br />Page 37 <br />