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issuance and similar costs that are incurred prior to commencement of acquisition, construction, or <br />rehabilitationof the Project, excluding land acquisition, site preparation, and similar costs incident to <br />commencement 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 Commission <br />based on the facts and circumstances known to the Commission as of the date hereof. The anticipated <br />original expenditures for the Project and the principal amount of the tax-exempt bonds described in <br />paragraph 2 are consistent with the Commission’s budgetary and financial circumstances. No sources <br />other than proceeds of tax-exempt bonds are reasonably expected to be reserved, allocated on a long- <br />term basis, or otherwise set aside pursuant to the Commission’s budget or financial policies to pay <br />such expenditures for which bonds are issued. <br /> <br /> 6. The action is intended to constitute a declaration of official intent for purposes of the <br />Reimbursement Regulations. <br /> <br /> The motion for the adoption of the foregoing resolution was duly seconded by member <br />_______________ and, after a full discussion thereof and upon a vote being taken thereon, the <br />following voted in favor thereof: <br /> <br /> <br /> <br /> <br />and the following voted against the same: <br /> <br /> <br /> <br /> Whereupon the resolution was declared duly passed and adopted. <br />EL185-13-697167.v1 <br />51 <br />