Board has reviewed its existing and reasonably foreseeable budgetary and financial circumstances and has determined that the University reasonably expects to reimburse itself for expenditures for the Project from proceeds of the Series 2018 Bonds because the University has no funds available that already are, or are reasonably expected to be, reserved, allocated on a long-term basis, or otherwise set aside by the University for those expenditures on the Project. The University will not, within one year after the expected reimbursement, use amounts corresponding to proceeds received from the Series 2018 Bonds to reimburse the University for previously paid expenditures for the Project in any manner that results in those amounts being treated as replacement proceeds of any tax-exempt bonds, i.e. , as a result of being deposited in a reserve fund, pledged fund, sinking fund, or similar fund (other than a bona fide debt service fund) that is expected to be used to pay principal of or interest on tax-exempt bonds, nor will the University use those amounts in any manner that employs an abusive arbitrage device to avoid arbitrage restrictions. (b) Construction Account. The Treasurer shall deposit the principal proceeds of the Series 2018 Bonds in the Construction Account to pay a portion of the cost of the Project, to capitalize interest on the Series 2018 Bonds, if interest is capitalized, and to pay the costs of issuing the Series 2018 Bonds. Interest earnings on funds in the Construction Account may be used for the purposes of that account. Section 15. Official Statement. The Treasurer shall review and, if acceptable to him or her, approve the preliminary official statement prepared in connection with the sale of the Series 2018 Bonds to the public. For the sole purpose of the Underwriter’s compliance with paragraph (b)(1) of Rule 15c2-12, the Board hereby authorizes the Treasurer to deem final that preliminary official statement as of its date, except for the omission of information permitted to
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