5.2b ERMUSR 04-13-2021 - Laserfiche WebLink

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TEMPLATE RESOLUTION bearing interest payable at such times and at such rates and maturing on such dates as shall be required to pay all principal,interest and redemption premiums to become due on the Series 2021BBonds to their maturity or redemption date, provided that if any of such Series 2021B Bonds are to be redeemed, notice of redemption has been given or provided for, and provided that such defeasance shall not impair the exemption of interest on any Series 2021BBonds from federal income taxation. Section 17.Compliance With Reimbursement Bond Regulations. The provisions of this section are intended to establish and provide for the Commissions compliance with United States Treasury Regulations Section 1.150-2 (the Reimbursement Regulations) applicable to thereimbursement proceedsof the Series 2021BBonds, being those portionsthereof which will be used by the Commission toreimburse itself for any expenditure which the Commission paid or will have paid prior to the Closing Date (a Reimbursement Expenditure). The Commission hereby certifies and/or covenants as follows: (a)Not later than 60days after the date of payment of a Reimbursement Expenditure, the City or the Commission (or person designated to do so on behalf of the City or the Commission) has made or will have made a written declaration of the Commissions official intent (a Declaration) which effectively (i) states the Commissions reasonable expectation to reimburse itself for the payment of the Reimbursement Expenditure out of the proceeds of a subsequent borrowing; (ii) gives a general and functional description ofthe property, project or program to which the Declaration relates and for which the Reimbursement Expenditure is paid, or identifies a specific fund or account of the Commission and the general functional purpose thereof from which the Reimbursement Expenditure was to be paid (collectively the Project); and (iii) states themaximum principal amount of debt expected to be issued by the Commission for the purpose of financing the Project; provided, however, that no such Declaration shall necessarily have been made with respect to: (i) preliminary expendituresfor the Project, defined in the Reimbursement Regulations to include engineering or architectural, surveying and soil testing expenses and similar prefatory costs, which in the aggregate do not exceed 20% of the issue priceof the Series 2021B Bonds, and (ii) a de minimisamount of Reimbursement Expenditures not in excess of the lesser of$100,000 or 5%of the proceeds of the Series 2021BBonds. (b)Each Reimbursement Expenditure is a capital expenditure or a cost of issuance of the Series 2021BBonds or any of the other types of expenditures described in Section 1.150-2(d)(3) of the Reimbursement Regulations. (c)The reimbursement allocationdescribed in the Reimbursement Regulations for each Reimbursement Expenditure shall and will be made forthwith following (but not prior to) the issuance of the Series 2021BBonds and in all events within theperiod ending on the date which is the later of three years after payment of the Reimbursement Expenditure or one year after the date on which the Project to which the Reimbursement Expenditure relates is first placed in service. 19 EL185-68-707442.v2 405