RES 91-3 - Laserfiche WebLink

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• the meaning of Section 265(b) (3) of the Internal Revenue Code of 1986 (together with the regulations promulgated thereunder, the Code) , so that the Authority, the City, and the Holders of the Bonds (as defined in the Indenture) may benefit from the exception to the Code provision that prohibits financial institutions from deducting interest expense allocable to tax- exempt interest, and the Authority recognizes that no more than $10,000,000 of its obligations issued during this calendar year may be so designated and benefit from such exception. 1. 12) Earnings on the investment of the proceeds of the Bonds will not be subject to the arbitrage rebate requirement of Section 148(f) (1) of the Code if the Bonds qualify for the small issuer exception to rebate pursuant to Section 148(f) (4) (D) of the Code. 1. 13) To qualify the Bonds for the small issuer exception to rebate, the Authority and the City must reasonably expect to together issue during this calendar year tax-exempt bonds (other than private activity bonds) in an aggregate face amount of not more than $5,000,000. 1. 14) By resolution adopted September 9 , 1991, this Board called for a public sale of the Bonds on this date and notice of the sale was duly published. • 1. 15) Pursuant to the Notice of Sale and the Official Terms of Offering, three ( 3 ) sealed bids for the purchase of the Bonds were received at or before the time specified for receipt of bids and such bids were opened and publicly read and considered, and the purchase price, interest rates and true interest cost under the terms of each bid were found to be as set forth in Exhibit A attached hereto. SECTION 2 . AUTHORIZATION FOR ISSUANCE AND SALE OF BONDS AND EXECUTION OF DOCUMENTS 2 . 1) That this Board acknowledges, finds, determines, and declares that the provision of a new city hall and law enforcement facility serves the purpose of enhancing the City's ability to provide civil and law enforcement services to its citizens. 2.2) That pursuant to the Lease, the financing by the Authority of the acquisition, construction and installation of the Facility on the Land is hereby authorized. 2 .3) That for the purpose of paying the cost of the acquisition, construction, and installation of the Facility on the Land, there is hereby authorized the issuance of $2,740,000 • aggregate principal amount of City Hall and Law Enforcement PauiiitV Revenue Rends (City of Elk River Lease Purchase 3.