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d. <br />The Bonds are proposed to be issued by the City pursuant to the provisions of <br />Minnesota Statutes, Chapter 475, and other applicable statutory authority. The <br />reasonably expected sources of funds to be used by the City to pay the debt <br />service on the Bonds are identified in the Feasibility Report for same. <br />2. Budgetary Matters - As of the date hereof, there are no City funds reserved or <br />otherwise allocated pursuant to the City's budget (or expected to be reserved or <br />allocated pursuant to the City's budget) to provide permanent financing for the <br />bonding portion of the project costs, other than pursuant to the issuance of the <br />Bonds. Furthermore, there has been no allocation, budgeting, or restriction of <br />moneys (or the adoption of a requirement or policy to reimburse a fund) as part of <br />the City's budgetary process, the primary purpose of which is to prevent moneys <br />from said sources from being available for the permanent financing of the costs of <br />the projects. This resolution, therefore, is determined to be consistent with the City's <br />budgetary and financial circumstances as they exist or are foreseeable on the date <br />hereof, all within the meaning and content of the Regulations. <br />3. Filing - This resolution shall be filed in the publicly available official books, records, <br />or proceedings of the City, which shall be continuously available for inspection by the <br />general public. This resolution shall be available for inspection at City Hall during <br />normal business hours of the City on every business day the period beginning on the <br />earlier of 10 days after the adoption hereof or the date of issuance of the <br />reimbursement bonds and ending on the day after the issuance of such bonds. <br />4. Reimbursement Allocation The City's financial officer shall be responsible for <br />making the "reimbursement allocations" described in the Regulations, being <br />generally the transfer of the appropriate amount of proceeds of the Bonds to <br />reimburse the source of temporary financing used by the City to make payment of <br />the prior costs of the projects. Each allocation shall be evidenced by an entry on the <br />official books and records of the City maintained for the Bonds, shall specifically <br />identify the actual prior expenditure being reimbursed, and shall be effective to <br />relieve the proceeds of the Bonds from any restriction under the bond resolution or <br />other relevant legal documents for the Bonds, and under any applicable state or <br />federal statute, which would apply to the unspent proceeds of such bond issue. <br />Adopted by the City Council this 12th day of January, 2004. <br />City Clerk <br />