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• <br />• <br />• <br />made from the proceeds of the bonds within eighteen (18) months after the later of: (i) the date <br />the expenditure is paid; or (ii) the date the project is placed in service or abandoned, but in no <br />event more than three (3) years after the date the expenditure is paid. The Regulation generally <br />permits reimbursement of capital expenditures and costs of issuance of the bonds. The Issuer <br />expects that a portion of the costs of the Project will be paid by the Borrower prior to the date of <br />issuance of the Notes. The Issuer reasonably expects to reimburse the Borrower for such <br />expenditures from the proceeds of the Notes on or after the date of issuance of the Notes. All <br />reimbursed expenditures shall be capital expenditures, a cost of issuance of the Notes, or other <br />expenditures eligible for reimbursement under Section 1.150- 2(d)(3) of the Regulation and also <br />qualifying expenditures under the Act. <br />19. This resolution shall be in full force and effect from and after its passage. <br />LinoLakesvC - <br />6 <br />