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Declaration of Official Intent <br />The undersigned, being the duly appointed and acting City <br />Clerk -Treasurer -of the City of Hugo, Minnesota (the "City"), <br />pursuant to and for purposes of compliance with Treasury <br />Regulations Section 1.103-18 (the "Regulations") under the Internal <br />Revenue Code of 1986, as amended, hereby states and certifies as <br />follows: <br />1. The undersigned has been and is on the date hereof duly <br />authorized by the governing body of the City, the City Council, to <br />make and execute this Declaration of Official Intent (the <br />"Declaration") for and on behalf of the City. This Declaration is <br />a declaration of official intent under Treasury Regulations Section <br />1.103-18. <br />[Note: the following paragraphs 2A and 2B are <br />alternatives; one or the other of those paragraphs must <br />be completed, both may be, if applicable.] <br />2A. The property, project, or program to which this <br />Declaration relates is generally and functionally described as <br />follows: 1993 Water System Improvements <br />2B. The specific fund or account of the City from which the <br />expenditure to be reimbursed will be paid, and the general <br />functional purpose of that fund or account, are as follows: <br />Water & Sewer Utility Fund <br />3. The maximum principal amount of the debt expected to be <br />issued by the City for the purpose of reimbursing the expenditures <br />to which this Declaration relates (the "Expenditures") is on the <br />date hereof reasonably estimated to be $ 1,230,000 . Each of the <br />Expenditures is (or would be with a proper election) a capital <br />expenditure under federal tax law principles, as described in the <br />Regulations. <br />i <br />