5.1. & 5.2. SR 11-10-2003 - Laserfiche WebLink

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(a) the reasonably anticipated amount of tax-exempt obligations (other than private activity bonds, treating qualified 501(c)(3) bonds as not being private activity bonds) which will be issued by the City (and all entities subordinate to, or treated as one issuer with, the City) during calendar year 2003 will not exceed $10,000,000; and (b) not more than $10,000,000 of obligations issued or to be issued by the City during calendar year 2003 have been designated for purposes of Section 265(b)(3) of the Code. The City shall use its best efforts to comply with any federal procedural requirements which may apply in order to effectuate the designation made by this paragraph. As indicated above, the City is treating a portion the principal amounts of the 1993 Refunding Bonds and the 1994 Refunding Bonds as "deemed designated" (but only to the extent that the same do not exceed the respective principal amounts of the 1993 Bonds and the 1994 Bonds being currendy refunded thereby) pursuant to the advice of bond counsel and the provisions of Section 265(b)(3)(D)(ii) of the Code by virtue of the facts (1) that the Prior Bonds were designated by the City as qualified tax-exempt obligations pursuant to Section 265(b)(3) of the Code; (2) that such portions of the Bonds, being current refunding obligations, are not taken into account for purposes of the 2003 $10,000,000 limit, (3) the average maturity of the 1993 Refunding Bonds and the 1994 Refunding Bonds is less than the average maturity of the 1993 Bonds and the 1994 Bonds being refunded thereby, respectively; and (4) that no Bond has a maturity date which is more than 30 years after the date that the original qualified tax-exempt obligations (being the Prior Bonds) were issued. 24. Compliance With Reimbursement Bond Regulations. With respect to the Improvements, the City has complied and will continue to comply with the "Reimbursement Regulations" provided in United States Treasury Regulations Section 1.150-2. In particular, except where the following may not be required by said Regulations (e.g., with respect to certain "preliminary expenditures"), to the extent that any of the proceeds of the Nonrefundmg Bonds will be used to reimburse the City for a cost of the Improvements theretofore paid and temporarily financed by the City out of other City funds, prior to the initial payment thereof (or within applicable time limits thereafter) the City has made or will have made a duly qualifying statement of its official intent to bond for such costs (and the City will also make the written "reimbursement allocation" required by the Reimbursement Regulations); otherwise, the proceeds of the Nonrefundmg Bonds are to be used for initial payment, and not for such reimbursement, of costs of the Improvements. 25. Defeasance. When any obligation of a Bond has been discharged as provided in this paragraph, all pledges, covenants and other rights granted by this Resolution to the registered owner of that Bond (with respect to the obligation thereof so defeased) shall, to the extent permitted by law, cease. The City may at any time discharge any or all of such obligation(s) with respect to any Bond, subject to the provisions of law now or hereafter authorizing or regulating such action, by depositing irrevocably in escrow, with a suitable institution qualified by law as an escrow agent for this purpose, cash or securities which are backed by the full faith and credit of the United States of America, bearing interest payable at such times and at such rates and maturing on such dates and in such amounts as shall be required and sufficient, subject to sale and/or reinvestment in like securities, to pay said obligation(s), which may include any interest payment on such Bond and/or S:\ADMIN\Resolutions~2003 Resolufions\Unapprovcd~Bond2.DOC