5.1. SR 01-22-2008 - Laserfiche WebLink

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The Authority hereby certifies and/or covenants as follows: (a) Not later than sixty days after the date of payment of a Reimbursement Expenditure, the Authority (or person designated to do so on behalf of the Authority) has made or will have made a written declaration of the Authority's official intent (a "Declaration") which effectively (i) states the Authority's 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 of the property, project or program to which the Declaration relates and fox which the Reimbursement Expenditure is paid, or identifies a specific fund or account of the Authority and the general functional purpose thereof from which the Reimbursement Expenditure was to be paid (collectively the "Project"); and (iii) states the maximum principal amount of debt expected to be issued by the Authority for the purpose of financing the Project; provided, however, that no such Declaration shall necessarily have been made with respect to: (i) "preliminary expenditures" for 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 twenty percent of the "issue price" of the Bonds, and (ii) a de minimi.r amount of Reimbursement Expenditures not in excess of the lesser of $100,000 or five percent of the proceeds of the Bonds. (b) Each Reimbursement Expenditure is a capital expenditure or a cost of issuance of the Bonds or any of the other types of expenditures described in Section 1.150-2(d)(3) of the Reimbursement Regulations. 27. Continuing Disclosure. The Authority is the issuer of the Bonds. However it is not an "obligated person" subject to the disclosure requirements under the SEC Rule 15c2-12(b)(5) (the "Rule") because (i) the bonds are general obligations of the City and not the Authority and (ii) financial information and operating data set forth in the Official Statement relates only to the City. The City shall enter into a Continuing Disclosure Undertaking. 28. Severability. If any section, paragraph or provision of this resolution shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this resolution. 29. Hea~din~s. Headings in this resolution are included for convenience of reference only and are not a part hereof, and shall not limit or define the meaning of any provision hereof. 30. Effectiveness. This resolution shall become effective immediately as the City Council has previously adopted the Ordinance which authorized the pledge of the City's full faith and credit to the payment of the Bonds. ATTEST: Catherine Mehelich, Executive Director Jeffrey Gongoll, President 2ll4906v1 17