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<br />DECLARATION OF OFFICIAL INTENT <br /> <br />The undersigned, being the duly appointed and acting County <br />Auditor of Cass County, North Dakota (the "County"), pursuant to <br />and for purposes of compliance with Treasury Regulations, Section <br />1,150-2 (the "Regulations"), under the Internal Revenue Code of <br />1986, as amended, hereby states and certifies as follows: <br /> <br />1. The undersigned has been and is on the date hereof duly <br />authorized by the governing body of the County to make and execute <br />this Declaration of Official Intent (the "Declaration") for and on <br />behalf of the governing body. <br /> <br />2. The County is undertaking a project described as follows: <br /> <br />STREET IMPROVEMENT DISTRICT NO. 2007-1 <br /> <br />3. The County intends, and reasonably expects, to reimburse <br />itself for the payment of the cost of the proj ect out of the <br />proceeds of a tax-exempt bond issue, debt, or similar borrowing <br />(the "Bonds") to be issued at a later date, Such reimbursement <br />will be made no later than eighteen (18) months after the latter of <br />(a) the date of the expenditure, or (b) the date the project is <br />placed in service or abandoned, but in no event more than three (3) <br />years after the date of expenditure. In the meantime, the County <br />reasonably expects to pay and temporarily finance the costs from <br />the following source or sources of funds: Pooled Funds of the <br />County, <br /> <br />4. The maximum principal amount of Bonds expected to be <br />issued for the payment of the costs of the project is: $375,000. <br /> <br />5, No costs of the project have heretofore been paid by the <br />County, except for preliminary or start-up expenditures permitted <br />under Section 1-150-2 (f) (2) or an expenditure which occurred within <br />sixty (60) days of the date of this Declaration. The County will <br />only reimburse itself for capital expenditures and costs of <br />issuance of the Bonds. In addition, the reimbursement allocation <br />will be evidenced by a proper entry on the County's books and <br />records. <br /> <br />IN WITNESS WHEREOF, the <br />Declaration on the day of <br /> <br />undersigned has executed this <br />, 2007. <br /> <br />CASS COUNTY, NORTH DAKOTA <br /> <br />BY: <br /> <br />County Auditor <br /> <br />F: \MUNI\CAss COUNTy\OECINTENT.WPD <br />