CC - Agendas - City Council - REGULAR - 11/4/2008

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RESOLUTION NO. 3910-0916 PAGE 2 Section 3. Project Descriptions. The projects for which such original expenditures are to be paid are for those described on Exhibit A attached hereto and the maximum principal amount of obligations (including the reimbursement bonds for such purposes) to be issued for such projects will not exceed $42,000,000. Section 4. Reasonableness of Official Intent. On the date of this Resolution, the Mayor and Council of the City have a reasonable expectation (being that a prudent person in the same circumstances would have based on all the objective facts and circumstances) that it will reimburse such original expenditures with proceeds of such obligations. (Official intents have not been declared by the City as a matter of course or in amounts substantially in excess of the amounts expected to be necessary for such projects. Moreover, the City does not have a pattern (other than in extraordinary circumstances) of failure to reimburse actual original expenditures covered by official intents.) Section 5. Public Record. This Resolution shall be included as of the date hereof in the publicly available official records of the City, such records being maintained and supervised by the Clerk of the City, being the main administrative office of the City, and shall remain available for public inspection on a reasonable basis. PASSED AND ADOPTED by the Mayor and Council of the City of Prescott, Arizona, this 4thday of November, 2008. JACK D. WILSON, Mayor ATTEST: APPROVED AS TO FORM: ELIZABETH A. BURKE, City Clerk GARY D. KIDD, City Attorney Exhibit "A" - Original Expenditures Intended To Be Reimbursed