RESOLUTION NO. _____________

BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA

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RESOLUTION DECLARING THE OFFICIAL INTENT OF THE COUNTY OF SAN MATEO TO REIMBURSE CERTAIN EXPENDITURES FROM PROCEEDS OF INDEBTEDNESS

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RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that

WHEREAS, the County of San Mateo (the “County”) has acquired the Woodhouse Industrial Park site for the purpose of constructing a new jail/re-entry facility (the “Jail Replacement and Expansion Project”) and the County intends on acquiring and improving the Circle Star Plaza to provide office space for County departments and programs (the “Circle Star Office Building Project”);

WHEREAS, the County expects to pay certain expenditures (the “Reimbursement Expenditures”) in connection with the Jail Replacement and Expansion Project and the Circle Star Office Building Project, including the acquisition of real property, prior to the issuance of indebtedness for the purpose of financing costs associated with both projects on a long term basis;

WHEREAS, the County reasonably expects that debt obligations in an amount not expected to exceed $230,000,000 will be issued, in one or more series, and that certain of the proceeds of such debt obligations will be used to reimburse the Reimbursement Expenditures; and

WHEREAS, Section 1.150-2 of the Treasury Regulations (26 CFR 1.150 2) requires the County to declare its reasonable official intent to reimburse prior expenditures for the Jail Replacement and Expansion Project and the Circle Star Office Building Project with proceeds of a subsequent borrowing;

NOW THEREFORE, IT IS HEREBY DETERMINED AND RESOLVED by the Board of Supervisors of the County of San Mateo, as follows:

Section 1. The foregoing recitals are true and correct and this Board hereby so finds and determines.

Section 2. This declaration is made solely for purposes of establishing compliance with the requirements of Section 1.150-2 of the Treasury Regulations. This declaration does not bind the County to make any expenditure, incur any indebtedness, or proceed with the Jail Replacement and Expansion Project or the Circle Star Office Building Project.

Section 3. The County hereby declares its official intent to use proceeds of indebtedness to reimburse itself for Reimbursement Expenditures.

Section 4. This declaration shall take effect from and after its adoption.

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