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• <br />• <br />• <br />an issue; or (c) "preliminary expenditures" up to an amount not in excess of 20 percent of <br />the aggregate issue price of the issue or issues that finance or are reasonably expected <br />by the City to finance the project for which the preliminary expenditures were incurred. <br />The term "preliminary expenditures" includes architectural, engineering, surveying, bond <br />issuance, and similar costs that are incurred prior to commencement of acquisition, <br />construction or rehabilitation of a project, other than land acquisition, site preparation, and <br />similar costs incident to commencement of construction. <br />4. This Declaration is an expression of the reasonable expectations of the <br />City based on the facts and circumstances known to the City as of the date hereof. The <br />anticipated original expenditures for the Project and the principal amount of the bonds <br />described in paragraph 2 are consistent with the City's budgetary and financial <br />circumstances. No sources other than proceeds of bonds to be issued by the City are, <br />or are reasonably expected to be, reserved, allocated on a Tong -term basis, or <br />otherwise set aside pursuant to the City's budget or financial policies to pay such <br />Project expenditures. <br />5. This Declaration is intended to constitute a declaration of official intent for <br />purposes of the Reimbursement Regulations. <br />6. This Declaration supersedes the Prior Resolution in all respects. <br />Approved by the City Council of the City of Lino Lakes this day of <br />, 2004. <br />Attest: <br />City Clerk, Ann Blair <br />CITY OF LINO LAKES, MINNESOTA <br />Mayor, John Bergeson <br />