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the tax-exempt bonds that are reasonably expected by the City to finance the Project. The term <br />"preliminary expenditures" includes architectural, engineering, surveying, soil testing, bond issuance <br />and similar costs that are incurred prior to commencement of acquisition, construction, or <br />rehabilitation of the Project, excluding land acquisition, site preparation, and similar costs incident to <br />comrencement of construction. <br />4. A reimbursement allocation with respect to tax-exempt bonds will be made not later <br />than 18 months after the later of. (i) the date the original expenditure is paid; or (ii) the date the Project <br />is placed in service or abandoned, but in no event more than 3 years after the original expenditure. <br />5. This Declaration is an expression of the reasonable expectations of the City based on <br />the facts and circumstances lmown to the City as of the date hereof. The anticipated original <br />expenditures for the Project and the principal amount of the tax-exempt bonds described in paragraph <br />2 are consistent with the City's budgetary and financial circumstances. No sources other than <br />proceeds of tax-exempt bonds are reasonably expected to be reserved, allocated on a long-term basis, <br />or otherwise set aside pursuant to the City's budget or financial policies to pay such expenditures for <br />which bonds are issued. <br />6. The action is intended to constitute a declaration of official intent for purposes of the <br />Reimbursement Regulations. <br />APPROVED by the Lake Elmo City Council on this 17t" day of March, 2026. <br />By: Agdzz�& <br />Charles Cadenhead <br />Mayor <br />ATTEST: <br />XJ ie on <br />C y lerlc <br />LA515-142-942862,vl _2_ <br />