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investments, (2) limitations on amounts invested at a yield greater than the yield on the <br />Certificate, and (3) the rebate of excess investment earnings to the United States if the Certificate <br />(together with other obligations reasonably expected to be issued and outstanding at one time in <br />this calendar year) exceed the small-issuer exception amount of $5,000,000, or do not otherwise <br />qualify for available exceptions. For purposes of qualifying for the small-issuer exception to the <br />federal arbitrage rebate requirements, the City hereby finds, determines and declares that (1) the <br />Certificate is issued by a governmental unit with general taxing powers, (2) the Certificate is not <br />a private activity bond, (3) ninety-five percent (95%) or more of the net proceeds of the <br />Certificate are to be used for local governmental activities of the City (or of a governmental unit <br />the jurisdiction of which is entirely within the jurisdiction of the City), and (4) the aggregate face <br />amount of all tax-exempt bonds (other than private activity bonds) issued by the City (and all <br />entities subordinate to, or treated as one issuer with, the City) during the 2003 calendar year is <br />not reasonably expected to exceed $5,000,000, all within the meaning of Section 148(f)(4)(D) of <br />the Code. <br /> <br /> 16. The City hereby designates the Certificate as a "qualified tax-exempt obligation" <br />within the meaning of Section 265(b)(3) of the Code and further represents that: <br /> <br /> (a) the reasonably anticipated amount of tax-exempt obligations (other-than <br />private activity bonds, treating qualified 501(c)(3) bonds as not being private activity <br />bonds) which will be issued by the City (and all entities subordinate to, or treated as one <br />issuer with, the City) during calendar year 2003 will not exceed $10,000,000; and <br /> <br /> (b) not more than $10,000,000 of obligations issued or to be issued by the <br />City during calendar year 2003 have been designated for purposes of Section 265(b)(3) of <br />the Code. <br /> <br />The City shall use its best efforts to comply with any federal procedural requirements which may <br />apply in order to effectuate the designation made by this paragraph. <br /> <br /> 17. When any obligation of the Certificate has been discharged as provided in this <br />paragraph, all pledges, covenants and other rights granted by this Resolution to the registered <br />owner of the Certificate (with respect to the obligation thereof so defeased) shall, to the extent <br />permitted by law, cease. The 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 now or hereafter authorizing or <br />regulating such action, by depositing irrevocably in escrow, with a suitable institution qualified <br />by law as an escrow agent for this purpose, cash or securities which are backed by the full faith <br />and credit of the United States of America, bearing interest payable at such times and at such <br />rates and maturing on such dates and in such amounts as shall be required and sufficient, subject <br />to sale and/or reinvestment in like securities, to pay said obligation(s), which may include any <br />interest payment on such Certificate and/or principal amount due thereon at a stated maturity (or <br />if irrevocable provision shall have been made for permitted prior redemption of such principal <br />amount, at such earlier redemption date). <br /> <br /> 18. With respect to the Equipment, the City has complied and will continue to comply <br />with the "Reimbursement Regulations" provided in United States Treasury Regulations Section <br />1.150-2. In particular, except where the following may not be required by said Regulations (e.g., <br /> <br />1511424vl 8 <br /> <br /> <br />