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DECLARATION OF OFFICIAL INTENT <br /> The undersigned, being the duly elected Auditor of Cass County, North Dakota(the <br /> "County"), pursuant to and for purposes of compliance with Treasury Regulations, Section <br /> 1.150-2 (the "Regulations"), under the Internal Revenue Code of 1986, as amended, <br /> hereby states and certifies as follows: <br /> I. The undersigned has been and is on the date hereof duly authorized by the <br /> governing body of the County to make and execute this Declaration of Official Intent (the <br /> "Declaration") for and on behalf of the governing body. <br /> 2. The County is undertaking a project described as follows: <br /> Metro Flood Project, F/M Diversion <br /> 3. The County intends, and reasonably expects, to reimburse itself for the <br /> payment of the cost of the project out of the proceeds of a tax-exempt bond issue, debt, or <br /> similar borrowing (the "Bonds") to be issued at a later date. Such reimbursement will be <br /> made no later than eighteen (18) months after the latter of(a) the date of the expenditure, <br /> or (b) the date the project is placed in service or abandoned, but in no event more than <br /> three (3) years after the date of expenditure. In the meantime, the County reasonably <br /> expects to pay and temporarily finance the costs from the following source of funds: <br /> County Pooled Cash and Investments <br /> 4. The maximum principal amount of Bonds expected to be issued for the <br /> payment of the costs of the project is $2,000,000,000.00. <br /> 5. No costs of the project have heretofore been paid by the County, except for <br /> preliminary or start-up expenditures permitted under Section 1-150-20(2) or an <br /> expenditure which occurred within sixty (60) days of the date of this Declaration. The <br /> County will only reimburse itself for capital expenditures and costs of issuance of the <br /> Bonds. In addition, the reimbursement allocation will be evidenced by a proper entry on <br /> the County's books and records. <br /> IN WITNESS WHEREOF, the undersigned has executed this Declaration effective <br /> the day of , 2014. <br /> COUNTY OF CASS <br /> Michael Montplaisir, County Auditor <br />