1991 Receipts, Disb., Resolutions & Minutes

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It a yield greater than the yield on the Bonds, aDd the rebate of eKcess invest- ment earnings to the United States if the Bonds (together with other obligatioDs reasonably expected to be issued in calendar year 1991) exceed ~he small-issuer exception amount of $5,000,000. (b) For purposes of qualifying for the small issuer excep~ioD to the federal arbitrage rebate requirements, the City finds. determines aDd declares that the allregate face amount of all tax-exempt bonds (other than private activity boads) issued by the City (and all subordinate entities of the City) during the calendar yea~ in which the Bonds are issued and outst~d1nl at oae time is Dot reasonably expected to exceed $S,OOO,OOO. within. the meaning of SectiOD 148(f)(4)(C) of the Code. 6.03. The City further covenants Dot to use the proceeds of the Bonds or to cause or p.~lt thea or any of them to.be u..d, tD such a maDDer as to cause the Bonds to be "private activity bonds" within the meaniDg of SectiODS 103 &Del 141 through ISO of the Code. 6.04. Ia order to qualify the Bonds as "qualified tax-exempt obligat1ollS" within the meaniDg of Section 265 (b) (3) of the Code. the City makes the followinl factual statements and representations: (a> the Boads are Dot "private activity bonds" as defined iD Section 141 of the Code; (b) the City hereby desipstes the Boads as "qualified tax-exempt obligatioDs" for purposes of Section 26S(b)(3) of the Code; (e) the reasonably anticipated amount of tax-exempt obligations (other than private activity bonds, treatiDg qualified SOl(c)(3) bonds as DOC beiDl private activity bonds) which will be issued by the City (and al~ subordiDate eDtities of the City) c1uring calendar year 1991 will Dot exceeel $10,000,000; and (d) not more thaD $10,000,000 of obligations is8ued by the City cluriDl calendar year 1991 bave beeD clesipated for purposes of Section 26S(b)(3) of the Code. 6.05. The City will use its best effol'ts to comply with any federal procedural requirements which may apply iD order to effectuate the designations made by this section.