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CITY OF NORTH OLMSTED ORDINANCE N0. 92-20 BY: Mr. Lind Authorizing Declarations of Official Intent with Respect to Reimbursements from Note and Bond Proceeds of Temporary Advances Made for Capital Expenditures, and Related Matters; and Declaring an Emergency WHEREAS, Treasury Regulations Section 1.103-18 prescribes conditions under which proceeds of bonds, notes or other obligations (Bonds) will be deemed "spent" for purposes of Sections 103 and 141 to 150 of the Internal Revenue Code of 1986 when used to reimburse advances made for capital expenditures paid before the issuance of such obligations, so that upon reimbursement the proceeds so used will not further be subject to requirements or restrictions under those sections of the Internal Revenue code; and WHEREAS, certain provisions of those Regulations require that there be a Declaration of Official Intent preceding a capital expenditure expected to be reimbursed from proceeds of such obligations, and that the reimbursement through allocation on the books or records occur within the later of one year after the day the expenditure is paid or one year after the day the property is placed in service; and WHEREAS, the Issuer wishes to take steps for compliance with those Regulations; NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF NORTH OLMSTED AS FOLLOWS: SECTION 1: DEFINITIONS- The following definitions apply to the terms used herein: "Authorized Officer" means the Finance Director or any person designated for the purpose by the Finance Director. "Bonds" means and includes bonds, notes, certificated and other obligations included in the meaning of "bonds" under Section 150 of the Internal Revenue Code of 1986. "Declaration of Official Intent" means a declaration of intent, in the manner contemplated in the Reimbursement . Regulations, that expenditures are reasonably expected to be reimbursed from the proceeds of Reimbursement Bonds to be issued after the expenditure is paid. 1