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2 <br />4898-7433-2534.1 <br />to finance the project for which the preliminary expenditures were incurred. The term <br />“preliminary expenditures” includes architectural, engineering, surveying, bond issuance, and <br />similar costs that are incurred prior to commencement of acquisition, construction or <br />rehabilitation of a project, other than land acquisition, site preparation, and similar costs <br />incident to commencement of construction. <br /> <br />4. This Declaration is an expression of the reasonable expectations of the City <br />based on the facts and circumstances known to the City as of the date hereof. The anticipated <br />original expenditures for the Project and the principal amount of the bonds described herein <br />are consistent with the City’s budgetary and financial circumstances. No sources other than <br />proceeds of the bonds to be issued by the City are, or are reasonably expected to be, reserved, <br />allocated on a long-term basis, or otherwise set aside pursuant to the City’s budget or financial <br />policies to pay such expenditures. <br /> <br />5. This Declaration is intended to constitute a declaration of official intent for <br />purposes of the Reimbursement Regulations. <br /> <br /> <br />Adopted by the City Council of the City of Lino Lakes this 10th day of November, 2025. <br /> <br /> <br /> <br />Rob Rafferty, Mayor <br /> <br />ATTEST: <br /> <br /> <br /> <br />Roberta Colotti, CMC, City Clerk <br />Page 53 of 101