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Boor, 10i PuE232 the Memorandum of Agreement, when executed and delivered by the County. SECTION 5. STATEMENT OF OFFICIAL INTENT. The Company is hereby authorized to incur expenditures on the costs of the Project, which expenditures are to be reimbursed to the Company from the proceeds of the Bonds upon their issuance. This Resolution shall constitute a reimbursement allocation by the County and a declaration of "official intent" by the County toward the issuance of the Bonds, within the meaning of Treasury Regulation Section 1.150-2. SECTION 6. SCOPE OF COUNTY APPROVAL. It is expressly stated and agreed that the adoption of this Resolution is not a guaranty, express or implied, nor that the County shall approve the closing and issue the Bonds for the Project. The Company shall hold the County and its past, present and future members, officers, staff, attorneys, financial advisors and employees harmless from any liability or claim based upon the failure of the County to close the transaction and issue the Bonds or any other cause of action arising from the adoption of this Resolution, the processing of the financing for the Project, or the issuance of the Bonds. SECTION 7. COMPLIANCE WITH OPEN MEETING LAWS. It is found and determined that all formal actions of this County concerning and relating to the adoption of this Resolution were taken in an open meeting of the members of this County and that all deliberations of the members of this County and of its committees, if any, which resulted in such formal action were taken in meetings open to the public, in full compliance with all legal requirements. SECTION 8. REPEALING CLAUSE. All resolutions or orders and parts thereof in conflict herewith, to the extent of such con- flicts, are hereby superseded and repealed. SECTION 9. EFFECTIVE DATE. This resolution shall take effect immediately. 60 April 22, 1997