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1998 Resolutions
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<br />5.03. The City authorizes the Purchaser to forward the amount of Bond proceeds <br />allocable to the payment of issuance expenses (other than amounts payable to Kennedy & Graven, <br />Chartered as Bond Counsel) to Resource Bank & Trust Company, Minneapolis, Minnesota on the <br />closing date for further distribution as directed by the City's financial adviser, Ehlers and <br />Associates, Inc. <br /> <br />Section 6. <br /> <br />Tax Covenant. <br /> <br />6.01. The City covenants and agrees with the holders from time to time of the Bonds <br />that it will not take or permit to be taken by any of its officers, employees or agents any action <br />which would cause the interest on the Bonds to become subject to taxation under the Internal <br />Revenue Code of 1986, as amended (the Code), and the Treasury Regulations promulgated <br />thereunder, in effect at the time of such actions, and that it will take or cause its officers, <br />employees or agents to take, all affirmative action within its power that may be necessary to <br />ensure that such interest will not become subject to taxation under the Code and applicable <br />Treasury Regulations, as presently existing or as hereafter amended and made applicable to the <br />Bonds. <br /> <br />6.02. (a) The City will comply with requirements necessary under the Code to establish <br />and maintain the exclusion from gross income of the interest on the Bonds under Section 103 of <br />the Code, including without limitation requirements relating to temporary periods for investments, <br />limitations on amounts invested at a yield greater than the yield on the Bonds, and the rebate of <br />excess investment earnings to the United States if the Bonds (together with other obligations <br />reasonably expected to be issued in calendar year 1998) exceed the small-issuer exception amount <br />of $5,000,000. <br /> <br />(b) For purposes of qualifying for the small issuer exception to the federal arbitrage <br />rebate requirements, the City finds, determines and declares that the aggregate face amount of all <br />tax-exempt bonds (other than private activity bonds) issued by the City (and all subordinate <br />entities of the City) during the calendar year in which the Bonds are issued and outstanding at <br />one time is not reasonably expected to exceed $5,000,000, all within the meaning of Section <br />148(f)(4)(C) of the Code. <br /> <br />6.03. The City further covenants not to use the proceeds of the Bonds or to cause or <br />permit them or any of them to be used, in such a manner as to cause the Bonds to be "private <br />activity bonds" within the meaning of Sections 103 and 141 through 150 of the Code. <br /> <br />6.04. 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 designates the Bonds as "qualified tax-exempt obligations" for <br />purposes of Section 265(b )(3) of the Code; <br /> <br />DJK144119 <br />CE1SS-13 <br />
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