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3. The City reasonably expects to reimburse itself for the payment of certain costs of <br />the Project out of the proceeds of the Bonds to be issued after the date of payment of such costs. <br />As of the date hereof, the City reasonably expects that $4,06,600 is the maximum aggregate <br />principal amount of the Bonds which will be issued to finance the Project, from time to time. <br />4. Each expenditure to be reimbursed from the Bonds is or will be a capital <br />expenditure or a cost of issuance, or any of the other types of expenditures described in Section <br />1. 1 50-2(d)(3) of the Regulations. <br />5. As of the date hereof, the statements and expectations contained in this Declaration <br />are believed to be reasonable and accurate. <br />Adopted on August 8, 2018, by the City Council of the City of Lake Elmo, Minnesota. <br />N <br />