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(1) have been paid by the County after the ~ prior to the date of the Official Intent Declaration; or that is 60 days (2) consist of "preliminary expenditures" as defin in Regulations § 1.150-2(~(2), provided that the aggregate ainount of uch preliminary expenditures that will be included in the Reimbursed Exp nditures will not exceed 20 percent of the aggregate issue price of the Ce tificates; or (3) to the extent not described in (1) ar(2) abov , will consist of expenditures in an aggregate amount that does not exc ed the lesser of $100,000 or 5% of the Proceeds of the Certificates (the a plicable limit in this case being $100,000). ; In light of the foregoing, upon the disbursement by the Trustee of the mount requested pursuant to the Reimbursement Requisition, the amount of Certificate Proceeds received by the County as a result of such Reimbursement Requisition shall be treated as xpended for the governmental purpose of the Certificates on the date of such disbursement. SECTION 4OS. TEMPORARY PERIOD. (A) EXPENDITURE OF NET SALE PROCEEDS. At least 85 percent (85% of the Net Sale Proceeds of the Certificates (that is, the Sale Proceeds of the Certificates le s any reserve or ~ replacement fund being funded out of Sale Proceeds) and Investment Proceeds f the Certificates are expected to be allocated to expenditures for the capital costs of the Courthou e Square Project no later than December 16, 2001, the date that is three years after the date f issuance of the Certificates. I ~ (B~ BINDING COMMITMENT. The County has heretofore entered into c ntracts and other substantial binding obligations (within the meaning of Regulations § 1.148-2(e) 2)(i)(B)) to third parties for expenditures on the Courthouse Square Project in excess of $1,100 000.00, which is five percent (5%) of the Net Sale Proceeds (said Net Sale Proceeds and % thereof being calculated as set forth on Exhibit A attached hereto). ~i, (C~ DUE DILIGENCE. The design and site preparation of, and allocatio of the Net Sale Proceeds to, the Courthouse Square Project has already commenced and constru tion thereof will proceed with due diligence to completion. i (D~ TEMPORARY PERIOD. Accordingly, pursuant to Regulations § l.1148-2(e)(2)(i), the Net Sale Proceeds and the Investment Proceeds qualify for investment du~ing a three-year temporary period that ends on December 16, 2001. Following the three year p~riod that ends on December 16, 2001, Investment Proceeds will qualify for a one-year temporary eriod that begins on the date of receipt of such Investment Proceeds. ~I~ GENERAL AND TAX CERTIFICATE PAGE 7