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the maximum principal amount of debt `expected to be issued <br /> by the City for the purpose of financing the Project; <br /> provided, however, that no such Declaration shall <br /> necessarily have been made with respect to: (i) "preliminary <br /> expenditures" for the Project, defined in the Reimbursement <br /> Regulations to include engineering or architectural, <br /> surveying and soil testing expenses and similar prefatory <br /> costs, which in the aggregate do not exceed 20% of the <br /> "issue price" of the Bonds, and (ii) a de minimis amount of <br /> Reimbursement Expenditures not in excess of' the lesser of <br /> $100, 000 or 5t of the proceeds of the Bonds. Notwith- <br /> standing the foregoing, with respect to any Declaration made <br /> by the City between January 27, 1992 and June 30, 1993 , with <br /> respect to a Reimbursement Expenditure made prior to <br /> March 2, 1992, the City hereby represents that there exists <br /> objective evidence, that at the time the Expenditure was <br /> paid the City expected to reimburse the cost thereof with <br /> the proceeds of a borrowing (taxable or tax-exempt) and that <br /> expectation was reasonable. <br /> (b) Each Reimbursement Expenditure is a capital <br /> expenditure or a cost of issuance of the Bonds or any of the <br /> other types of expenditures described in Section 1 . 150- <br /> 2 (d) (3) of the Reimbursement Regulations. <br /> (c) The "reimbursement allocation" described in the <br /> Reimbursement Regulations for each Reimbursement Expenditure <br /> shall and will be made forthwith following (but not prior <br /> to) the issuance of the Bonds and in all events within the <br /> period ending on the date which is the later of three years <br /> after payment of the Reimbursement Expenditure or one year <br /> after the date on which the Project to which the <br /> Reimbursement Expenditure relates is first placed in <br /> service . <br /> (d) Each such reimbursement allocation will be made in <br /> a writing that evidences the City' s use of Bond proceeds to <br /> reimburse the Reimbursement Expenditure and, if made within <br /> 30 days after the Bonds are issued, shall be treated as made <br /> on the day the Bonds are issued. <br /> Provided, however, that the City may take action contrary to any <br /> of the foregoing covenants in this paragraph 25 upon receipt of <br /> an opinion of its Bond Counsel for the Bonds stating in effect <br /> that such action will not impair the tax-exempt status of the <br /> Bonds . <br /> 26 . Continuing Disclosure. <br /> (a) The City is the sole obligated person with respect <br /> to the Bonds . The City hereby agrees, in accordance with <br /> 1194249.1 27 <br />