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Section 4. Each City expenditure will be of a type properly chargeable to a capital account <br /> under general federal income tax principles. <br /> Section 5. The City is not aware of the previous adoption of official intents by the City that <br /> have been made as a matter of course for the purpose of reimbursing expenditures and for which <br /> tax - exempt obligations have not been issued. <br /> Section 6. This resolution is adopted as an official intent of the City in order to comply with <br /> Treasury Regulation § 1.150 -2 and any other regulations of the Internal Revenue Service relating <br /> to the qualification for reimbursement of Project costs. <br /> Section 7. All the recitals in this Resolution are true and correct and the City so finds, <br /> determines and represents. <br /> Introduced by Councilmember and passed and adopted this l day of <br /> November 2010, by the following called vote: <br /> Members of the Council: <br /> AYES: • <br /> NOES: <br /> ABSENT: <br /> ATTEST: <br /> Marian Handa, City Clerk <br /> G: \Council Items In Process\NOV 01 \N'PCP Rehab - STATE FUN[) REIMM \N'PCP Rehab Reimb RES (CAO Edits 102010).DOC <br /> 1537279.1 <br />