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certificates and affidavits, including any heretofore furnished, shall be deemed representations of <br /> the Commission and the City as to the facts recited therein. <br /> Section 20. Negative Covenant as to Use of Bond Proceeds and Project. The <br /> Commission and the City hereby covenant not to use the proceeds of the Series 2021B Bonds or <br /> to use the Project, or to cause or permit them to be used, or to enter into any deferred payment <br /> arrangements for the cost of the Project, in such a manner as to cause the Series 2021B Bonds to <br /> be "private activity bonds" within the meaning of Sections 103 and 141 through 150 of the Code. <br /> Section 21. Tax-Exempt Status of the Series 2021B Bonds; Rebate. The Commission <br /> and the City shall comply with requirements necessary under the Code to establish and maintain <br /> the exclusion from gross income under Section 103 of the Code of the interest on the Series <br /> 2021B Bonds, including without limitation (a) requirements relating to temporary periods for <br /> investments, (b) limitations on amounts invested at a yield greater than the yield on the Series <br /> 2021B Bonds, and (c)the rebate of excess investment earnings to the United States. <br /> Section 22. No Designation of Qualified Tax-Exempt Obligations. The Series 2021B <br /> Bonds have not been designated as "qualified tax-exempt obligations" within the meaning of <br /> Section 265(b)(3) of the Code. <br /> Section 23. Official Statement. The Official Statement relating to the Series 2021B <br /> Bonds, prepared and distributed by Baker Tilly is hereby approved and the officers of the <br /> Commission are authorized in connection with the delivery of the Series 2021B Bonds, to sign <br /> such certificates as may be necessary with respect to the completeness and accuracy of the <br /> Official Statement. <br /> Section 24. Effective Date. This Resolution, having been authorized and delegated to <br /> the Commission by the City Council by resolution adopted March 15, 2021, shall be effective <br /> immediately. <br /> The motion for the adoption of the foregoing resolution was duly seconded by member Nadeau <br /> and, after full discussion thereof and upon a vote being taken thereon, the following voted in <br /> favor thereof: <br /> Chair John Dietz <br /> Commissioner Paul Bell <br /> Commissioner Al Nadeau <br /> Commissioner Mary Stewart <br /> Commissioner Matt Westgaard <br /> and the following voted against the same: None <br /> Whereupon said resolution was declared duly passed and adopted. <br /> 21 <br /> EL185-68-707442 v4 <br />