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2002-09-25 CC Packet
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2002-09-25 CC Packet
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<br />investments, limitations on amounts invested at a yield greater than the yield on the Bonds, and <br />the rebate of excess investment earnings to the United States if the Bonds (together with other <br />obligations reasonably expected to be issued in calendar year 2002) exceed the small-issuer <br />exception amount 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 is not reasonably <br />expected to exceed $5,000,000, within the meaning of Section 148(f)(4)(C) ofthe 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 14] of the <br /> <br />Code; <br /> <br />(b) the City hereby designates the Bonds as "qualified tax-exempt <br />obligations" for purposes of Section 265(b )(3) of the Code; <br /> <br />(c) the reasonably anticipated amount of tax-exempt obligations (other than <br />any private activity bonds that are not qualified 501 (c )(3 ) bonds) which will be issued by <br />the City (and all subordinate entities of the City) during calendar year 2002 will not <br />exceed $10,000,000; and <br /> <br />(d) not more than $10,000,000 of obligations issued by the City during <br />calendar year 2002 have been designated for purposes of Section 265(b )(3) of the Code. <br /> <br />6.05. 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 7. <br /> <br />Book-Entry System: Limited Obligation of City. <br /> <br />7.01. The Bonds will be initially issued in the form of a separate single typewritten or <br />printed fully registered Bond for each of the maturities set forth in Section 1. 03 hereof. Upon <br />initial issuance, the ownership of each Bond will be registered in the registration books kept by <br />the Bond Registrar in the name of Cede & Co., as nominee for The Depository Trust Company, <br />New York, New York, and its successors and assigns (DTC). Except as provided in this section, <br />all of the outstanding Bonds will be registered in the registration books kept by the Bond <br />Registrar in the name of Cede & Co., as nominee ofDTC. <br /> <br />SJB-219247vl <br />CEl55.19 <br />
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