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5. Authority of Bond Counsel. The law firm of Kennedy & Graven, Chartered, is <br />authorized to act as bond counsel for the City ("Bond Counsel"), and to assist in the <br />preparation and review of necessary documents, certificates, and instruments related to the <br />Bonds. The officers, employees, and agents of the City are hereby authorized to assist Bond <br />Counsel in the preparation of such documents, certificates, and instruments. <br />6. Reimbursement from Bond Proceeds. The City may incur certain expenditures that <br />may be financed temporarily from sources other than the Bonds and reimbursed from the <br />proceeds of the Bonds. Treasury Regulation § 1.150-2 (the "Reimbursement Regulations") <br />provides that proceeds of tax-exempt bonds allocated to reimburse expenditures originally <br />paid from a source other than the tax-exempt bonds will not be deemed expended unless <br />certain requirements are met. In order to preserve its ability to reimburse certain costs from <br />proceeds of the Bonds in accordance with the Reimbursement Regulations, the City hereby <br />makes its declaration of official intent (the "Declaration") described below to reimburse <br />certain costs <br />(a) Declaration of Intent. The City proposes to issue the Bonds to finance the costs of <br />the Project. The City may reimburse original expenditures made for certain costs of the <br />Project from the proceeds of the Bonds in an estimated maximum principal amount of <br />$8,665,000. All reimbursed expenditures will be capital expenditures, costs of issuance of <br />the Bonds, or other expenditures eligible for reimbursement under Section 1.150-2(d)(3) of <br />the Reimbursement Regulations. <br />(b) Declaration Made Not Later Than 60 Days. This Declaration has been made not later <br />than sixty (60) days after payment of any original expenditure to be subject to a <br />reimbursement allocation with respect to the proceeds of the Bonds, except for the <br />following expenditures: (a) costs of issuance of the Bonds; (b) costs in an amount not in <br />excess of $100,000 or five percent (5%) of the proceeds of the Bonds; or (c) "preliminary <br />expenditures" up to an amount not in excess of twenty (20) percent of the aggregate issue <br />price of the Bonds that finance or are reasonably expected by the City to finance the Project <br />for which the preliminary expenditures were incurred. The term "preliminary expenditures" <br />includes architectural, engineering, surveying, bond issuance, and similar costs that are <br />incurred prior to commencement of acquisition, construction, or rehabilitation of the <br />Project, other than land acquisition, site preparation, and similar costs incident to <br />commencement of construction. <br />(c) Reasonable Expectations; Official Intent. This Declaration is an expression of the <br />reasonable expectations of the City based on the facts and circumstances known to the City <br />as of the date hereof. The anticipated original expenditures for the Project and the principal <br />amount of the Bonds described in Section 6(a), above, are consistent with the City's <br />