1990 Rec./Disb./Resolutions & Minutes

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(c) The City wID keep complete and accurate books and records showing: all receipts and cUsbutlements in oonnection with the Improvements and Assessments levle4 therefor and other funds appropriated for their payment, all coUeetio~ . thereof and disbUrsements therefrom, moneys on hand and, the balance of unpaid Assessments. (d) The City will cause Its bOoks and records to be audited at least annually and will furnish copies of such audit reports to any interested person upon request. Section 6. Tax Covenant. 6.01. The City covenants and agrees with the holders from time to time of the Bonds that it will not take 01" permit to be taken by any of Its officers, employees or agents any action which would cause the interest on the Bonds to become subject to taxation under the Internal Revenue Code of 1986, as amended (the Code), and the Treasury Regulations promulgated thereunder, in effect at the time of such actions, and that it will take or cause its officers, employees or agents.to take, all affirmative action within its power that may be necessary to ensure that such interest will not become subject to taxation under the Code and applicable Treasury regulations, as presently existing or as hereafter amended and made applicable to the Bonds. 6.02. (a) The City will comply with requirements necessary under the Code to establish and maintain the exclusion from gross income of the interest on the Bonds under Section 103 of the Code, including without limitation requirements relating to temporary periods for investments, limitations on amounts invested at a yield greater than the yield on the Bonds, and the rebateot excess investment earnings to the United States if the Bonds (together with other obllgations reasonably expected to be issued in calendar year 1990) exceed the small-issuer exception amount of $5,000,000. (b) For purposes of qualifying for the small issuer exception to the federal arbitrage rebate requirements, the City finds, determines and declares that the aggregate face amount of all tax-exempt bonds (other than private activity bonds) issued by the City (and aU subordinate entities of the City) during the calendar year in which the Bonds are issued and outstanding at one time is not reasonably expected to exceed $5,000,000, all within the meaning of Section 148(f)(4)(C) of the Code. . 6.03. The City further covenants not to sue the proceeds of the Bonds or to cause or permit them or any of them to be used, in such a manner as to cause the Bonds to be "private activity bonds" within the meaninl of Sections 103 and 141 through 150 of the Code. 8.04. In order to qualify the Bonds as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Code, the City makes the follow- Ing factual statements and representationsl (a) the Bonds are not "private activity bonds" as defined In Section 141 of the Code; (b) the City hereby designates the Bonds as "qualified tax-exempt obligations" for purposes of Section 285(b)(3) of the Code;