7A Request from Presbyterian Homes for Conduit Financing

Home Browse Search

including the use of interim, short term �nancing, subject to reimbursement from the proceeds of the Note if and vcrhen delivered but otherwise without liability on the part of the Ciiy. 3.5 ualified Tax Exem t Qbli ation. In order to qualify tlie Note as a"qualified ta�-exempt obligation" vv�thin the meaning of Section 265(b){3) of the Internal Revenue Code of 198b, as amended (the "Code"), the Ciiy hereby makes the following factual statements and representations; (a} the Note is not treated as a"private activiry bond" under Section 265{b)(3) of the Code; (b) the Cxty hereby designates the Note as a qualifi�d tax-exempt obligation for purposes of Section 265(b}(3) of the Code; (c) the reasonably aniicipated amount oi tax-exempt obligations {oiher ti�an obligations described in clause (ii) of Seciion 265(l�)(3)(C) of the Code} which will be issued by the City {and all entities whose obligations will be aggregated with those of the City) during the calendar year 2008 will not e�ceed $10,000,000; and (d) not more than $10,400,000 of obligations issued by the City during the calendar year 2008 have been designated for purposes of Section 265(b)(3) of the Code. 3.6 Note A roval. The approval of the issuanca o�'the Note and the execuiion of the related dact�ments are subject to the approval of the Project by ihe Depariment of Employment and Economic Developrnent and sha�l be effective until December 31, 2008. 2210974v2 $