2.5 ERMUSR 05-11-2021 - Laserfiche WebLink

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21 EL185-68-707442.v4 certificates and affidavits, including any heretofore furnished, shall be deemed representations of the Commission and the City as to the facts recited therein. Section 20. Negative Covenant as to Use of Bond Proceeds and Project. The Commission and the City hereby covenant not to use the proceeds of the Series 2021B Bonds or to use the Project, or to cause or permit them to be used, or to enter into any deferred payment arrangements for the cost of the Project, in such a manner as to cause the Series 2021B Bonds to be “private activity bonds” within the meaning of Sections 103 and 141 through 150 of the Code. Section 21. Tax-Exempt Status of the Series 2021B Bonds; Rebate. The Commission and the City shall comply with requirements necessary under the Code to establish and maintain the exclusion from gross income under Section 103 of the Code of the interest on the Series 2021B Bonds, including without limitation (a) requirements relating to temporary periods for investments, (b) limitations on amounts invested at a yield greater than the yield on the Series 2021B Bonds, and (c) the rebate of excess investment earnings to the United States. Section 22. No Designation of Qualified Tax-Exempt Obligations. The Series 2021B Bonds have not been designated as “qualified tax-exempt obligations” within the meaning of Section 265(b)(3) of the Code. Section 23. Official Statement. The Official Statement relating to the Series 2021B Bonds, prepared and distributed by Baker Tilly is hereby approved and the officers of the Commission are authorized in connection with the delivery of the Series 2021B Bonds, to sign such certificates as may be necessary with respect to the completeness and accuracy of the Official Statement. Section 24. Effective Date. This Resolution, having been authorized and delegated to the Commission by the City Council by resolution adopted March 15, 2021, shall be effective immediately. The motion for the adoption of the foregoing resolution was duly seconded by member Nadeau and, after full discussion thereof and upon a vote being taken thereon, the following voted in favor thereof: Chair John Dietz Commissioner Paul Bell Commissioner Al Nadeau Commissioner Mary Stewart Commissioner Matt Westgaard and the following voted against the same: None Whereupon said resolution was declared duly passed and adopted. 82