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u8�3 <br />(a) Section 1.150 -2 of the Treasury Regulations (the "Regulations ") prescribes specific <br />procedures which will be applicable to certain bonds or notes issued by or on behalf of the <br />County including, without limitation, a requirement that the County declare its official intent to <br />reimburse certain expenditures with proceeds of debt to be incurred by the County prior to, or <br />within sixty (60) days of, payment of the expenditures to be reimbursed. <br />(b) The County intends to advance its own funds in order to pay certain capital costs (the <br />"Original Expenditures ") relating to the acquisition, construction, renovation, expansion, <br />improvement and equipping of various community college facilities for Central Carolina <br />Community College (collectively, the "Project "). <br />(c) The County reasonably expects to reimburse itself for the Original Expenditures from <br />the proceeds of debt to be incurred by the County. <br />(d) $23,000,000 is the maximum principal amount of debt expected to be incurred for the <br />purpose of paying the costs of the Project. <br />(e) This declaration of official intent is made pursuant to Section 1.150 -2 of the Treasury <br />Regulations to expressly declare the official intent of the County to reimburse itself from the <br />proceeds of debt to be hereinafter incurred by the County for certain expenditures paid by the <br />County on or after the date which is sixty (60) days prior to the date hereof. <br />(f) The funds heretofore advanced or to be advanced by the County to pay the Original <br />Expenditures are or will be available only on a temporary basis, and do not consist of funds that <br />were otherwise earmarked or intended to be used by the County to permanently finance the <br />Original Expenditures. <br />(g) All Original Expenditures to be reimbursed by the County were paid no more than <br />sixty (60) days prior to, or will be paid on or after the date of, this declaration of official intent, <br />except with respect to certain amounts incurred before such 60 -day period not exceeding 20% of <br />2 <br />