WHEREAS, the DPW- Utility Department of the City of Burlington, Racine County and Walworth County, State of Wisconsin (the "Utility ") intends to incur and pay, or has incurred and paid, capital expenditures aggregating approximately $772,003.00 (the "Capital Expenditures") for the design, inspection and construction of sanitary sewer improvements associated with the 2007 Street and Utility Improvement Project, which is hereby incorporated herein by this reference and made a part hereof to the same extent as if set out in full herein (said project is hereinafter referred to as the "Projects"); and

WHEREAS, payment of the Capital Expenditures will be, or has been, financed, in whole or in part, on an interim basis from moneys other than proceeds of a borrowing (collectively, the "Temporary Advances"); and

WHEREAS, it is reasonably expected that the Temporary Advances will be reimbursed with the proceeds of one or more borrowings not later than 18 months after the later of (i) the date on which the first Capital Expenditure financed by a Temporary Advance was paid, or (ii) the date on which the Projects are placed in service or abandoned (but in no event more than 3 years after the date on which the first Capital Expenditure financed by a Temporary Advance was paid); and

WHEREAS, except for architectural, engineering and similar preliminary expenditures incurred prior to the acquisition or commencement of construction of the Projects (but not including land acquisition, site preparation and other similar costs incident to the acquisition or commencement of construction of the Projects).

NOW, THEREFORE, BE IT RESOLVED, by this Common Council, that the

City of Burlington hereby declares its official intent for purposes of Treasury Regulation Section 1.150-2 to reimburse the Capital Expenditures for the Projects financed by Temporary Advances with the proceeds of one or more borrowings, the maximum aggregate principal amount of which is not expected to exceed $503,650.96.