2009-09-23 CC Packet - Laserfiche WebLink

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(b) For purposes of qualifying for the small issuer exception to the federal arbitrage rebate requirements, the City finds, determines and declares that the aggregate face amount of the tax-exempt bonds (other than private activity bonds) issued by the City (and all subordinate entities of the City) during the calendar year in which the Bonds are issued and outstanding at one time is not reasonably expected to exceed $5,000,000, all within the meaning of Section 148(f)(4)(D) of the Code. The 2006 Bonds were issued as part of an issue which was treated as meeting the rebate requirements by reason of the exception for governmental units issuing $5,000,000 or less of bonds. 20.03. The City further covenants not to use the proceeds of the Bonds or to cause or permit them or any of them to be used, in such a manner as to cause the Bonds to be "private activity bonds" within the meaning of Section 103 and 141 through 150 of the Code. 20.04. In order to qualify the Bonds as "qualified tax-exempt obligations" within the meaning of Section 265(b )(3) of the Code, the City makes the foIlowing factual statements and representations: (a) the Bonds are not "private activity bonds" as defined in Section 141 of the Code; (b) the City hereby designates the Bonds as "qualified tax-exempt obligations" for purposes of Section 265(b )(3) of the Code; (c) the reasonably anticipated amount of tax-exempt obligations which wiIl be issued by the City (and all subordinate entities of the City) during calendar year 2009 wiIl not exceed $30,000,000; and (d) not more than $30,000,000 of obligations issued by the City during calendar year 2009 have been designated for purposes of Section 265(b )(3) of the Code. 20.05. The City furthermore makes the foIlowing findings: (a) each of the Bonds being refunded pursuant to this Resolution was issued as part of an issue which was treated as meeting the rebate requirements by reason of the exception for governmental units issuing $5,000,000 or less of bonds; (b) the average maturity of the Bonds does not exceed the average maturity of the bonds being refunded pursuant to this Resolution; and (c) no part of the Bonds has a maturity date which is later than the date which is thirty (30) years after the date the 2006 Bonds were issued. 20.06. The City will use its best efforts to comply with any federal procedural requirements which may apply in order to effectuate the designations made by this section. 21 29