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CERTIFICATE AS TO RESOLUTION AND ADOPTING VOTE l, the undersigned, being the duly qualified and acting recording officer of the City of Billings, Montana (the "City''), hereby certify that the attached resolution is a true copy of Resolution No. 08-18700, entitled: "RESOLUTION RELATING ïO SPECIAL IMPROVEMENT DISTRICT NO. 1372; CREAIING THE DISTRICT FOR IHE PURPOSE OF UNDERTAKING CERTAIN LOCAL IMPROVEMENIS AND FINANCING THE COSTS THEREOF AND INCIDENTAL THEREÏO ÏHROUGH THE ISSUANCE OF SPECIAL IMPROVEMENT DISTRICT BONDS SECURED BY THE CITYS SPECIAL IMPROVEMENT DISTRICT REVOLVING FUND AND ESTABLISHING COMPLIANCE WITH REIMBURSEMENï BOND REGULATIONS UNDER THE INTERNAL REVENUE CODE" and Repealing and Superseding Resolution No. 05-18330 (the "Resolution"), on file in the original records of the City in my legal custody; that the Resolution was duly adopted by the City Council of the City at a meet¡ng on April 14,2008, and that the meeting was duly held by the City Council and was attended throughout by a quorum, pursuant to call and notice of such meeting given as required by law; and that the Resolution has not as of the date hereof been amended or repealed, I further certify that, upon vote being taken on the Resolution at said meeting, the following Councilmembers voted in favor thereof: Ronouillo. Gaohen. Pitman. Stevens. Veis. Rueqamer. McCall, Ulledalen. Astle. Clark ; voted against the same: ; abstained from voting thereon: ; or were absent: WITNESS my hand officially this l4th day of April, 2008. Cari Martin, City Clerk ---PAGE BREAK--- RESOLUïION NO. 08-1 8700 RESOLUTION RELATING TO SPECIAL IMPROVEMENT DISTRICT NO. 1372; CREATING THE DISTRICT FOR THE PURPOSE OF UNDERTAKING CERTAIN LOCAL IMPROVEMENTS AND FINANCING THE COSTS THEREOF AND INCIDENTAL THERETO THROUGH THE ISSUANCE OF SPECIAL IMPROVEMENT DISTRICT BONDS SECURED BY THE CITY'S SPECIAL IMPROVEMENT DISTRICT REVOLVING FUND AND ESTABLISHING COMPLIANCE WITH REIMBURSEMENT BOND REGULATIONS UNDER THE INTERNAL REVENUE CODE, AND REPEALING AND SUPERSEDING RESOLUTTON NO. 05-r8330. BE 11 RESOLVED by the City Council of the City of Billings (the "City"), Montana, as follows: Section 1. Recitals: Repeal of Resolution No. 05-018330. On September 12,2005, the City Council of the City of Billings approved Resolution No.05-18330, creating Speclal lmprovement District No. 1372. Changes have occurred within the District that make it necessary and desirable to repeal Resolution No.05-18330, and to proceed anew with the creat¡on of Speclal lmprovement District No. 1372. Section 2. Passaoe of Resolution of lntention. This Council, on March 10, 2008, adopted Resolution No. 08- 13688 (the "Resolution of Intention"), pursuant to which this Council declared its intention to create a special improvement district, designated as Special lmprovement District No. 1372 of the City, under Montana Code Annotated, Title 7, Chapter 12, Parts 41 and42, as amended, forthe purpose of financing the costs of certain local improvements described generally therein (the "lmprovements") and paying costs incidental thereto, including costs associated with the sale and the security of special improvement district bonds drawn on the District (the "Bonds"), the creating and administration of the District, the funding of a deposit to the City's Special lmprovement District Revolving Fund (the "Revolving Fund"). Section 2. Notice and Public HearinE. Notice of passage of the Resolution of Intention was duly published and mailed in all respects in accordance with the law, and on April 14,2008, thls Council conducted a public hearing on the creation or extension of the District and the making of the lmprovements. The meeting of this Council at which this resolution was adopted is the first regular meeting of the Council following the explration of the period ended ',I5 days after the first date of publication of the notice of passage of the Resolution of Intention (the "Protest Period"). Section 3. Protests. Within the Protest Period, 0 protests were filed with the City Clerk and not withdrawn by the owners of property in the District subject to assessment lor 100o/o of the total costs of the lmprovements or representing 100% of the area of the District to be assessed for the cost of the lmprovements. The protest represents 0% of the assessed cost. Section 4. Creation of the District: lnsufficiencv of Protests, The District is hereby created on the terms and conditions set forth in, and otheruvise in accordance with, the Resolution of Intention. The protests against the creation or extension of the District or the making of the lmprovements filed during the Protest Period, if any, are hereby found to be insufficient. The findings and determinations made in the Resolution of Intention are hereby ratified and confirmed. Section 5. Reimbursement Expenditures. 5.01 . Requlations. The United States Department of Treasury has promulgated final regulations governing the use of proceeds of tax-exempt bonds, all or a port¡on of which are to be used to reimburse the City for project expenditures paid by the City prior to the date of issuance of such bonds. Those regulations (Treasury Regulations, Section 1.150-2) (the "Regulations") require that the City adopt a statement of official intent to reimburse an original expenditure not later than 60 days after payment of the original expenditure. The Regulations also generally require that the bonds be issued and the reimbursement allocat¡on made from the proceeds of the bonds within 18 months (or three years, if the reimbursement bond issue qualifies for the "small issuer" exception from the arbitrage rebate requirement) after the later of the date the expenditure is paid or (ii) the date the project is placed in service or abandoned, but (unless the issue òûalifies for the "small issuer" exception from the arbitrage rebate requirement) in no event more than three years after the date the expenditure is paid. The Regulations generally perm¡t reimbursement of capital expenditures and costs of issuance of the bonds. 5.02. Prlor Expenditures. Other than expenditures to be paid or reimbursed from sources other than the Bonds, (ii) expenditures permitted to be reimbursed under the trans¡tional provision contained in Section 1.150-2 (ì Q) of the Regulations, (iii) expenditures constituting preliminary expenditures within the meaning of Section 1.150-2 of the Regulations, or (iv) expenditures in a "de minimus" amount (as defined in Section 1.150-2 of the Regulations), no expenditures for the lmprovements have been paid by the City before the date 60 days before the date of adoption of this resolution. 5.03. Declaration of lntent. The City reasonably expects to reimburse the expenditures made for costs for the lmprovements out of the proceeds of Bonds in an estimated maximum aggregate principal amount of $358,000 after the date of payment of all or a port¡on of the costs of the lmprovements. All reimbursed expenditures shall be capital expenditures, a cost of issuance of the Bonds or other expenditures eligible for reimbursement under Section 1.150-2 of the Regulations. 5.04. Budqetarv Matters. As of the date hereof, there are not City funds reserved, allocated on a long- term basis or otherwise set aside (or reasonably expected to be reserved, allocated on a long-term basis or otherw¡se set aside) to provide permanent financing for the expendltures related to the lmprovements, other than pursuant to the ---PAGE BREAK--- issuance of the Bonds. The statement of intent contained in this resolution, therefore, is determined to be consistent with the City's budgetary and financial ciriumstances as they exist or are reasonably foreseeable on the date hereof. 5.05. Reimbursement Allocations. ïhe City's financial officer shall be responsible for making the "reimbursement allocations" described in the Regulations, being generally the transfer of the appropriate amount of proceeds of the Bonds to reimburse the source of temporary financing used by the City to make prior payment of the costs of the lmprovements. Each allocation shall be evidenced by an entry on the official books and records of the City maintained for the Bonds or the lmprovements and shall specifically identify the actual original expenditure being reimbursed. PASSED AND ADOPTED by the City Council of the City of Billings, Moniana, this 14th day of April 2008, THE CITY OF BILLINGS: ATÏEST: BY: 0 n u, ffîî*'^) Cari Martin, City Clerk ---PAGE BREAK---