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issuance 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 /> 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 /> 6. The action is intended to constitute a declaration of official intent for purposes of the <br /> Reimbursement Regulations. <br /> The motion for the adoption of the foregoing resolution was duly seconded by member <br /> Mary Stewart and, after a full discussion thereof and upon a vote being taken thereon,the following <br /> voted in favor thereof: <br /> John Dietz <br /> Paul Bell <br /> Al Nadeau <br /> Mary Stewart <br /> Matt Westgaard <br /> and the following voted against the same: <br /> Whereupon the resolution was declared duly passed and adopted. <br /> EL185-13-697167 vl <br />