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<br />, <br /> <br />. <br /> <br />9. The City understands and agrees that, pursuant to the foregoing amendments of the <br />Agreement, (a) the Commission would be authorized to acquire the land and issue the <br />Bonds for the Project and to proceed with its completion and (b) the City would be <br />obligated to pay its share of the debt service on the Bonds and to continue to do so even if <br />the City might elect to withdraw from the Commission. <br /> <br />10. This paragraph is solely to allow the Bonds initially issued pursuant to Article VIII, <br />Section 13 of this Agreement to be designated as "qualified tax-exempt obligations" <br />within the meaning of Section 265(~)(3) of the Internal Revenue Code (the "Code") in <br />the hope and expectation of achieving thereby certain lower interest rates on the Bonds. <br />For this purpose, it is assl'med that the full $2,500,000 of Bonds would be issued in 2003 <br />(though the actual amour( of those Bonds m?y be less) and that each Member City of the <br />Commission would have an allocation of that total bond issue, based on the percenLl1 <br />shares of the members for 2002, as follows: <br /> <br />MS'.!l1b~ <br />Blaine <br /> <br />::-'ercentage <br />SJll'rC <br /> <br />52347% <br /> <br />Allocated <br />.B_Q]1d[\mQJmt <br />$ [,308,675 <br /> <br />r: entervill e <br /> <br />3.567 <br /> <br />5.001 <br /> <br />11696 <br />2551 <br /> <br />16.3)1 <br /> <br />___?c442 <br /> <br />89,175 <br />125,025 <br />292,400 <br /> <br />Circle Pires <br /> <br />HnfnLake <br /> <br />1,;'xington <br /> <br />63,775 <br /> <br />Line Lakes <br /> <br />409.775 <br />.flL1I2 <br /> <br />~'. .; (f' 10. p- 1 <br />,3PLnt:, _~aK".. _ ,1LC <br /> <br />100.00% <br /> <br />$2,500,rJOO <br /> <br />This :ly's a!1ocated bond allJount (as pwvided abuve) is hueinalref reten-ed lO as the <br />City's -Bonds, and the City her,::by r:":lk'eshe JOHO\\fing factu~l stateY[;"SF~~; and <br />rei.cesentations: <br />, <br /> <br />(a) the City hereby designates L~e Cit~.;'s Bonds as "ciuaEGed tax-exempt <br />obligations" for ptilOSeS or Section 265(0)(3) ofth" Code, <br /> <br />(0) tbe sum of the City's Bonds plus j'-e reasonably anticipated amount of aU <br />other Lex-exempt obligations (other thall priv,lte activity bonds, treating qualified <br />501(c)(3) bonds as not being private .,ctivity bo' ds) which will be issued vy the <br />City C".nd all entities subordinate to, or trcatec as one issuer with, the City) during <br />calendar year 2003 is not eXYlccted to exceed $10, GOO,jOO; and <br /> <br />(c' pursuant to Secticn 765(b )(3)(C)(iii) of the Code, the City states that it is <br />receiving the ben"Jits from the issuanee. of the City's Bonds and the City hereby <br />