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CCP 11-14-2001
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CCP 11-14-2001
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<br />. <br /> <br />. <br /> <br />e <br /> <br />heretofore furnished, shall constitute recitals of the City as to the correctness of all statements <br />contained therein. <br /> <br />3.3 Authorization to Execute Agreements. The forms of the proposed Loan <br />Agreement and the Pledge Agreement are hereby approved in substantially the form heretofore <br />presented to the City Council, together with such additional details therein as may be necessary <br />and appropriate and such modifications thereof, deletions therefrom and additions thereto as may <br />be necessary and appropriate and approved by Bond Counsel and the City Attorney prior to the <br />execution of the documents, and the Mayor and City Administrator of the City are authorized to <br />execute the Loan Agreement and the Pledge Agreement in the name of and on behalf of the City <br />and such other documents as Bond Counsel consider appropriate in connection with the issuance <br />of the Notes. In the event of the absence or disability of the Mayor or the City Administrator <br />such officers of the City as, in the opinion of the City Attorney, may act in their behalf, shall <br />without further act or authorization of the City Council do all things and execute all instruments <br />and documents required to be done or executed by such absent or disabled officers. The <br />execution of any instrument by the appropriate officer or officers of the City herein authorized <br />shall be conclusive evidence of the approval of such documents in accordance with the terms <br />hereof. <br /> <br />3.4 Qualified Tax Exempt Obligation. In order to qualify the Notes as "qualified <br />tax-exempt obligations" within the meaning of Section 265(b)(3) of the Internal Revenue Code <br />of 1986, as amended (the "Code"), the City hereby makes the following factual statements and <br />representations; <br /> <br />(a) <br />the Code; <br /> <br />the Notes are not treated as a "private activity bonds" under Section 265(b )(3) of <br /> <br />(b) the City hereby designates the Notes as qualified tax-exempt obligations for <br />purposes of Section 265(b )(3) of the Code; <br /> <br />(c) the reasonably anticipated amount of tax-exempt obligations (other than <br />obligations described in clause (ii) of Section 265(b)(3)(C) of the Code) which will be issued by <br />the City (and all entities whose obligations will be aggregated with those of the City) during the <br />calendar year 2001 will not exceed $10,000,000; and <br /> <br />(d) not more than $10,000,000 of obligations issued by the City during the calendar <br />year 2001 have been designated for purposes of Section 265(b)(3) of the Code. <br /> <br />1320443v2 <br /> <br />6 <br />
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