Laserfiche WebLink
<br /> <br />" <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Certificate is issued by a governmental unit with genera~ taxing <br />powers, (2) the Certificate is not a private activity bond, (3) <br />ninety-five percent (95%) or more of the net proceeds of the <br />Certificate are to be used for local governmental activities of <br />the City (or of a governmental unit the jurisdiction of which is <br />entirely within the jurisdiction of the City), and (4) the <br />aggregate face amount of all tax-exempt obligations (other'than <br />private activity bonds) issued by the City (and all entities <br />subordinate to, or treated as one issuer with, the City) during <br />the 1993 calendar year is not reasonably expected to exceed <br />$5,000,000, all within the meaning of Section 148(f) (4) (D) of the <br />Code. <br /> <br />16. In order to qualify the Certificate as a "qualified <br />tax-exempt obligation" within the meaning of section 265 (b) (3) of <br />the Code, the City hereby makes the following factual statements <br />and representations: <br /> <br />(a) the Certificate is issued after August 7, 1986; <br /> <br />(b) the Certificate is not a "private activity bond" as <br />defined in Section 141 of the Code; <br /> <br />(c) the City hereby designates the Certificate as a <br />"qualified tax-exempt obligation" for purposes of section <br />265(b) (3) of the Code; <br /> <br />(d) the reasonably anticipated amount of tax-exempt <br />obligations (other than private activity bonds, treating <br />qualified 501(c) (3) bonds as not being private activity bonds) <br />which will be issued by the City (and all entities subordinate <br />to, or treated as one issuer with, the City) during calendar year <br />1993 will not exceed $10,000,000; and <br /> <br />(e) not more than $10,000,000 of obligations issued or to <br />be issued by the City during calendar year 1993 have been <br />designated for purposes of Section 265(b) (3) of the Code. <br /> <br />The City shall use its best efforts to comply with any federal <br />procedural requirements which may apply in order to effectuate <br />the designation made by this paragraph. <br /> <br />17. When any Obligation of the certificate has been <br />discharged as provided in this paragraph, all pledges, covenants <br />and other rights granted by this Resolution to the registered <br />owner of the Certificate (with respect to the obligation thereof <br />so defeased) shall, to the extent permitted by law, cease. The <br />City may at any time discharge any or all of such obligation(s) <br />with respect to the Certificate, subject to the provisions of law <br /> <br />245850 <br /> <br />9 <br />