87-013 RES - Laserfiche WebLink

Home Browse Search

~ . including any heretofore furnished, shall be deemed representations of the City as to the correctness of all statements contained therein. Section 9. Arbitraqe. 9.1) The City covenants and agrees with the holders from time to time of the Certificates herein authorized that it will not take, or permit to be taken, by any of its officers, employees or agents, any action which would cause the interest payable on the Certificates to become subject to taxation under the United States Internal Revenue Code (the Code); and that it will take, or will cause its officers, employees or agents to take, all affirmative actions within its powers which may be necessary to ensure that such interest will not become subject to taxation under the Code. The term Code as used herein includes the Code and all regulations, amended regulations and proposed regulations issued thereunder, as now existing or as hereafter amended or proposed. The City shall make the payments to the United States, if any, which are required to be made by the provisions of paragraph (f) of Section 148 of the Code. . 9.2) The Mayor and the City Clerk-Administrator being the officers of the City charged with the responsibility for issuing the Certificates pursuant to this Resolution, are authorized and directed to execute and deliver to the purchaser a certification in order to satisfy the provisions of Section 148 of the Code. Section 10. Registration of Transfer. The city shall cause to be kept at the office of the City Clerk a Certificate Register in which, subject to such reasonable regulations as it may prescribe, the City shall provide for the registration of transfers of ownership of the Certificates. The Certificates shall be transferable upon the Certificate register by the holder thereof in person or by its attorney duly authorized in writing, upon surrender of a Certificate together with a written instrument of transfer satisfactory to the City Clerk, duly executed by the holder or its duly authorized attorney. Upon such transfer, the City will cause a new Certificate or Certificates to be issued in the name of the transferee(s), the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, and the City Clerk shall note the date of registration and the name and address of the new holder in the Certificate Register. The City may deem and treat the person in whose name a Certificate is last registered in the Certificate Register as the absolute owner thereof, whether or not the principal balance or any part thereof is overdue, for the purpose of receiving payment of or an account of the principal balance or interest and for all other purposes. . 8 .