TOWN OF NEWWINDSOR RESOLUTION NO. .05-1-AB A RESOLUTION DECLARING THE OFFICIAL INTENT OF THE TOWN OF NEW WINDSOR TO REIMBURSE EXPENDITURES TO BE INCURRED WITH RESPECT TO CERTAIN PROJECTS OR PROGRAMS OR FROM CERTAIN FUNDS WITH THE PROCEEDS OF DEBT WHEREAS, to facilitate an efficient borrowing program, the Town of New Windsor (the "Issuer") intends to expend money on certain projects or programs or from certain funds prior to the issuance of debt by the Issuer for such purposes; and WHEREAS, the Issuer intends to reimburse such expenditures from the WHEREAS, to comply with applicable provisions of the Internal Revenue Code of 1986, as amended, and Section 1.150-2 of the Income Tax Regulations, it is necessary, in order to reimburse such expenditures with the proceeds of tax-exempt debt, that the Issuer declare its official intent to make such a reimbursement of proceeds of debt to be issued by the Issuer; and expenditures; NOW, THEREFORE, BE IT RESOLVED by the Town of New Windsor that, as evidenced by this Resolution, the Issuer intends to expend money on the cost of the acquisition, construction, and improvements of the capital projects described in Exhibit A attached hereto prior to the issuance of bonds or other debt obligations to reimburse such expenditures. With respect to such projects, the Issuer reasonably expects to issue debt obligations for these projects in the estimated maximum principal amount of Four Million Dollars $4,000,000.00). RESOLVED this 151h day of Sllay 2017. TOWN OF NEWWINDSOR AnaaE Ala Donna E. Alban Town Clerk Adopted: Effective: Mayor ER Introduced: Mny 15 2017 2017 2017 7045 45 Approved for form and legal sufficiency This_ day of May Michelle M. Ostrander LDLA Town Attorney 2017: dlarte EXHIBIT A DESCRIPTION OF PROJECTS Engineering for and replacement of waterlines, lining and replacement of sewer lines and manholes, and street lighting, in conjunction with Maryland State Highway Administration Streetscape project.