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6. The allocation of proceeds of the bonds to be issued to any Project expenditures described in Exhibit A will be made not later than the later of one year after the expenditure was paid or one year after the property was placed in service. 7. The Project expenditures described in Exhibit A are capital expenditures as defined in Tres. Reg. 1 1.150-1 (h). including costs of issuance of the bonds to be issued in order to reimburse the Project expenditures. 8. Proceeds of the bonds issued to reimburse the Project expenditures described in Exhibit A will be deemed spent only when (1) an allocation entry is made on the books or records of the City with respect to the bonds; (2) the entry identifies an actual expenditure to be reimbursed, or where the Project is described as a fund or account. the fund or account from which the expenditure was paid; and (3) the allocation is effective to relieve the bond proceeds from restrictions on unspent proceeds under appliC'.able documents and state laws. 9. No entity or entities possess simultaneously two or more of the following discretionary and non-ministerial powers with respect to the City: power to (1) remove without cause a controlling portion of the City Council; (2) select, approve, or disapprove a controlling portion of the City Council; (3) determine the City's budget or require the use of the City's funds or assets for the other entity's purpose; or (4) approve, disapprove, or prevent the issuance of debt obligations of the City. 10. None of the proceeds of the bonds issued to reimburse the City for the. Project expenditures described in Exhibit A will be used within one year of the allocation (i) to refund another governmental obligation or (Ii) to create or increase the balance in a sinking fund or replace funds used for such purpose, or (iii) to create or increase the balance in a reserve or replacement fund or replace funds used for such purposes; or will be used at any time to reimburse any person or entity (other than the City) for expenditures originally paid with the proceeds of a City obligation (excluding a City inter-fund borrowing); unless (i) such amounts are deposited in a bona fide debt service fund or are used to pay debt service in the next one-year period on any City obligation other than the reimbursement bond, or (ii) the original issue was not reasonably expected to be used to finance the expenditure. 11. No action or inaction by the City with respect to the allocation of bond proceeds to reimbursement of Project expenditures will be an artifice or device to avoid, in whole or in part, arbitrage yield restrictions or arbitrage rebate requirements. 12. The procedures described in this resolution shall cease to apply to the extent not required by Tres. Reg. 11.103-18 or any successor law, regulation, or ruling. 2