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1998 Resolutions
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<br />7.04. In order to qualify the Bonds as "qualified tax-exempt obligations" within the <br />meaning of Section 265(b)(3) of the Code, the City makes the following factual statements and <br />representations: <br /> <br />(a) the Bonds are not "private activity bonds" as defined in Section 141 of the <br /> <br />Code; <br /> <br />(b) the City hereby designates the Bonds as "qualified tax-exempt obligations" <br />for purposes of Section 265(b )(3) of the Code; <br /> <br />(c) the reasonably anticipated amount of tax-exempt obligations (other than <br />private activity bonds, that are not qualified 501(c)(3) bonds) which will be issued by the <br />City (and all subordinate entities of the City) during calendar year 1998 will not exceed <br />$10,000,000; and <br /> <br />(d) not more than $10,000,000 of obligations issued by the City during <br />calendar year 1998 have been designated for purposes of Section 265(b )(3) of the Code. <br /> <br />7.05. The City will use its best efforts to comply with any federal procedural <br />requirements which may apply in order to effectuate the designations made by this section. <br /> <br />Section 8. Continuing Disclosure. <br /> <br />8.01. The Purchaser need not comply with the continuing disclosure requirements of Rule <br />15c2-12 promulgated by the Securities and Exchange Commission under the Securities Exchange <br />Act of 1934 (the "Rule"), because the offering is in a principal amount less than $1,000,000. <br />Consequently, the City will not enter into any undertaking to provide continuing disclosure of any <br />kind with respect to the Bonds. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by Member <br /> <br />RllC'.kh~e <br /> <br />,. and upon vote being taken thereon, the following voted in favor <br /> <br />thereof: <br /> <br />Wilharber, Brenner, Buckbee <br /> <br />and the following voted against the same: <br /> <br />None <br /> <br />whereupon said resolution was declared duly passed and adopted. <br /> <br />DJK144652 <br />CE1SS-14 <br />
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