5.3. SR 08-02-2004 - Laserfiche WebLink

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(ii) the Series 2004A Bonds are not "private activity bonds" as defined in Section 141 of the Code; (iii) at least ninety-five percent of the net proceeds of the Series 2004A Bonds are to be used for the local governmental purposes of the City; and (iv) the aggregate face amount of all tax-exempt bonds issued by the City in the calendar year in which the Series 2004A Bonds are to be issued is not reasonably expected to exceed $5,000,000. If any of the above representations proves to be incorrect, the City and the Commission will comply with the provisions of Section 148(0 of the Code relating to arbitrage rebate. 16.06. Interest Disallowance. The Series 2004A Bonds are hereby designated as "qualified tax-exempt obligations" for purpose of Section 265(b) of the Code relating to the disallowance of interest expenses for financial institutions. The City represents that in calendar year 2004 it does not reasonably expect to issue tax-exempt obligations which are not "private activity bonds" (other than "qualified 501 (c)(3) bonds" under Section 145 of the Code) in an amount in excess of $10,000,000. 16.07. Official Statement. The Official Statement relating to the Series 2004A Bonds, substantially in the form presented at this meeting, is hereby approved. The officers of the Commission are hereby authorized on behalf of the Commission and City to prepare and distribute an addendum to the Official Statement listing the offering prices, interest rates, selling compensation, delivery date, and any other information relating to the Series 2004A Bonds not included in the Official Statement and required to be included in the Official Statement by Rule 15c2-12 adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934. Within seven business days from the date hereof, the Commission shall deliver to the Purchaser a reasonable number of copies of the Official Statement. The officers of the Commission and City are hereby authorized and directed to execute such certificates as may be appropriate concerning the accuracy, completeness and sufficiency of the Official Statement. 16.08. Continuing Disclosure. To provide for the public availability of certain information relating to the Series 2004A Bonds and the security therefor and to permit the Purchaser and other participating underwriters in the primary offering of the Series 2004A Bonds to comply with amendments to Rule 15c2-12 promulgated by the Securities and Exchange Commission (the "SEC") under the Securities Exchange Act of 1934 (17 C.F.R. § 240,15C2-12), relating to continuing disclosure (as in effect and interpreted from time to time, the "Rule"), the Commission hereby makes the following statements, covenants and agreements for the benefit of the Owners (as hereinafter defined) from time to time of the Outstanding Series 2004A Bonds. The Electric System of the Commission is the only "obligated person" in respect of the Series 2004A Bonds within the meaning of the Rule for purposes of identifying the entities in respect of which continuing disclosure must be made. As of the date of delivery of the Series 2004A Bonds, the Electric System of the Commission is not an "obligated person" with respect to more than $10,000,000 in aggregate amount of outstanding municipal securities, including the Series 2004A Bonds. The Commission hereby covenants and agrees that it will comply with and carry out all of the provisions of the Continuing Disclosure Certificate. Notwithstanding any other 1670578vl 26