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(a) Official Intent. Each of the Expenditures (other than Expenditures
described in subsection (d) below) relating to the Project were paid no earlier than 60 days prior
to April 15, 2025 (the "Intent Date"), the date that the Issuer made its declaration of official intent
for such Expenditures (the "Reimbursement Declaration") which is attached to this Tax
Certificate as Exhibit F, in accordance with the provisions of Treasury Regulations Section 1.150-
2. The Reimbursement Declaration was, on the date it was made, intended to constitute written
documentation on behalf of the Issuer setting forth the Issuer's reasonable expectation to reimburse
itself for the Expenditures described in the Reimbursement Declaration with the proceeds of a
borrowing. The Reimbursement Declaration sets forth a general description of certain components
of the Project and the maximum amount of obligations expected to be issued with respect to the
Expenditures described therein as of the dates the Reimbursement Declaration was made. The
Issuer has taken no action subsequent to the adoption of the Reimbursement Declaration that is
inconsistent with such intent.
(b) Reasonableness of Official Intent. As of the date the Reimbursement
Declaration was made, the Issuer reasonably expected to reimburse the Expenditures described in
the Reimbursement Declaration with the proceeds of a borrowing. The Issuer does not have a
pattern of failing to reimburse Expenditures for which an intention to reimburse such expenditures
was declared and which were actually paid by the Issuer other than in circumstances that were
unexpected and beyond the control of the Issuer.
(c) Reimbursement Period Requirement. Proceeds to be applied to reimburse
the Borrower for the Expenditures will be so applied not later than the later of the date that is (i)
18 months after the Expenditures being reimbursed were paid and (ii) 18 months after the date on
which the portion of the Project to which such Expenditures relates was abandoned or placed in
service within the meaning of Treasury Regulation Section 1.150-2(c). In no event may proceeds
derived from the sale of the Bonds be allocated to reimburse the Borrower for Expenditures more
than three years after the date such Expenditures were paid.
(d) Preliminary Expenditures and De Minimis Exception. No Proceeds will be
used to reimburse the Borrower for Expenditures paid earlier than 60 days prior to the date that
the Issuer made its Reimbursement Declaration unless (i) such Expenditures constitute
"Preliminary Expenditures," which include architectural, engineering, surveying, soil testing,
issuance costs and similar costs that are incurred prior to commencement of the rehabilitation,
renovation, construction, improvement and equipping of the Project, but not land acquisition, site
preparation and similar costs incident to commencement of construction, and the proceeds applied
to reimburse the Borrower for such Preliminary Expenditures do not exceed 20% of the proceeds
of the Bonds; or (ii) such Expenditures are applied to costs of issuance or to amounts not in excess
of the lesser of $100,000 or five (5) percent of the proceeds of the Bonds.
Section 6.8 Substantial User Requirement. No person who will be a user of more than
5% of the Project after the Issue Date, and no related person to such user, was a user of the Project
in the 5-year period before the Issue Date and will receive 5% or more of proceeds of the Bonds
for the user's interest in the Project (excluding use in the period from the date 60 days before the
Intent Date to the Issue Date). No Affiliate of the Borrower will purchase or hold any of the Bonds
at any time such debt instruments are outstanding.
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