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days after payment of the original expenditure. The Regulations also generally require that the <br />obligations be issued and the reimbursement occur within eighteen (18) months after the later of <br />(i) the date the expenditure is paid, or (ii) the date the project is placed in service or abandoned, <br />but in no event more than three (3) years after the date the expenditure is paid. The Regulations <br />generally permit reimbursement of capital expenditures and costs of issuance. This Resolution <br />shall act as a declaration of the City's interit to reimburse the Borrower for expenditures made for <br />costs of the Project prior to the issuance of the Bonds, subject to the City Council's final <br />approval of the issuance of the Bonds. <br />Section 8. Costs. The Borrower will pay any administrative fees of the City and pay <br />or reimburse the City for payment of, any and all costs incurred by the City in connection with <br />the Project and the issuance of the Bonds, whether or not the Bonds are issued. <br />Section 9. Commihnent Conditional. The adoption of this Resolution does not <br />constitute a guarantee or a firm commitment that the City will issue the Bonds as requested by <br />the Borrower. If, as a result of information made available to or obtained by the City during its <br />review of the Project, it appears that the Project or the issuance of Bonds to finance the costs <br />thereof is not in the public interest or is inconsistent with the purposes of the Act, the City <br />reserves the right to decline to give final approval to the issuance of the Bonds. The City also <br />retains the right, in its sole discretion, to withdraw from participation and accordingly not issue <br />the Bonds should the City Council, at any time prior to the issuance thereof, determine that it is <br />in the best interests of the City not to issue the Bonds or should the parties to the transaction be <br />unable to reach agreement as to the terms and conditions of any of the documents for the <br />transaction. <br />Section 10. Effective Date. This Resolution shall be in full force and effect from and <br />after its passage. <br />Adopted by the City Council of the City of Elk River, Minnesota, on June 28, 2010. <br />CITY OF ELK RIVER, MINNESOTA <br />1 ~ <br />~ ~ <br />Mayor ~~ <br />Attest: <br />~.... <br />ity Administrator <br />