US Bank 8/5/2015 - Laserfiche WebLink

(b) Expenditure of Sale Proceeds. The sale proceeds of the Schedule will be expended as follows: (i) The amount of$1,362,903.00 will be disbursed to pay or reimburse the costs of acquisition of the Equipment. The aggregate amount of the costs of acquisition of the Equipment is anticipated to be not less than such amount. Any costs of the Equipment not financed out of original or investment proceeds of the Schedule will be financed out of the City's available funds. (c) Reimbursement. Other than to the extent of preliminary expenditures (i.e., architectural, engineering, surveying, soil testing, Schedule issuance, and similar costs that are incurred prior to commencement of acquisition, construction, or rehabilitation of the Equipment, other than land acquisition, site preparation, and similar costs incident to commencement of construction), no portion of the amount described in paragraph 6(b)(i) above will be disbursed to reimburse the City for any expenditures made by the City prior to the date that is 60 days before the earlier of the issue date or the date the City adopted a resolution (the "Declaration"), if any, describing the Equipment, stating the maximum principal amount of obligations expected to be issued for the Equipment,and stating the City's reasonable expectation on that date that it would reimburse expenditures for costs of the Equipment with proceeds of an obligation. The Declaration, if any, is not an official intent to reimburse that was declared as a matter of course, or in an amount substantially in excess of the amount expected to be necessary for the Equipment. The City has not engaged in a pattern of failure to reimburse original expenditures covered by official intents. Proceeds of the Schedule used to reimburse expenditures, if any, will be allocated to such expenditures no later than 18 months after the later of (a) the date the original expenditure was paid, or (b) the date the applicable project was placed in service or abandoned, but in no event more than 3 years after the original expenditure was paid. Such reimbursed portion will be treated as spent for purposes of paragraphs 11 and 14 below. (d) No Working Capital. Except for an amount that does not exceed 5 percent of the sale proceeds of the Schedule(and that is directly related to capital expenditures financed by the Schedule), the City will only expend proceeds of the Schedule for (i)costs that would be chargeable to the capital accounts of the Equipment if the City's income were subject to federal income taxation, (ii) interest on the Schedule in an amount that does not exceed that amount of interest on the Schedule that is attributable to the period that commences on the date hereof and ends on the later of(A)the date that is three years from the issue date of the Schedule or(B)the date that is one year after the date on which the Equipment is placed in service and (iii) issuance costs of the Schedule. (e) No Sale of Conduit Loan. No portion of the sale proceeds of the Schedule has been or will be used to acquire, finance,or refinance any conduit loan. (f) No Overissuance. The proceeds of the Schedule will not exceed by more than a minor portion (as defined in paragraph 12 below) the amount necessary to accomplish the governmental purposes of the Schedule and, in fact, are not expected to exceed by any amount the amount of proceeds allocated to expenditures for the governmental purposes of the Schedule. -2-