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1999_0125_packet
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1999_0125_packet
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cause or permit them to be used, or to enter into any <br /> deferred payment arrangements for the cost of the <br /> Improvements, in such a manner as to cause the Bonds to <br /> be "Private activity bonds" within the meaning of <br /> Sections 103 and 141 through 150 of the Code. <br /> 5 TAX-Exempt Status of the Zonds;Rp,,bate, The City <br /> shall comply with requirements necessary under the Code <br /> to establish and maintain the exclusion from gross <br /> income under Section 103 of the Code of the interest on <br /> the Bonds, including without limitation (1) <br /> requirements relating to temporary periods for <br /> investments, (2) limitations on amounts invested at a <br /> yield greater than the yield on the Bonds, and (3) the <br /> rebate of excess investment earnings to the United <br /> States, if the Bonds (together with other obligations <br /> reasonably expected to be issued and outstanding at one <br /> time in this calendar year) exceed the small-issuer <br /> exception amount of $5, 000, 000. <br /> For purposes of qualifying for the exception to the <br /> federal arbitrage rebate requirements for governmental units <br /> issuing $5, 000, 000 or less of bonds, the City hereby finds, <br /> determines and declares that (1) the Bonds are issued by a <br /> governmental unit with general taxing powers, (2) no Bond is a <br /> private activity bond, (3) ninety-five percent (95%) or more of <br /> the net proceeds of the Bonds are to be used for local <br /> governmental activities of the City (or of a► governmental unit <br /> the jurisdiction of which is entirely within the Jurisdiction of <br /> the City) , and (4) the aggregate face amount of all tax-exempt <br /> bonds (other than private activity bonds) issued by the City (and <br /> all subordinate entities thereof, and all entities treated as one <br /> issuer with the City) during the calendar year in which the Bonds <br /> are issued and outstanding at one time is not reasonably expected <br /> to exceed $51000, 000, all within the meaning of Section <br /> 148 (f) (4) (D) of the Code. <br /> 26■ t obligations, <br /> In order to qualify the Bonds as "qualified tax-exempt <br /> obligations" within the meaning of Section 265 (b) (3) of <br /> the Code, the City hereby makes the following factual <br /> statements and representations; <br /> (a) the Bonds are issued after August 7 , 1986; <br /> (b) the Bonds are not "private activity bends' as <br /> defined in Section 141 of the Cade; <br /> (C) the City hereby designates the Bands as <br /> "qualif ied tax-exempt obligations" for purposes of <br /> Section 2 6 5 (b) (3) of the Code; <br /> (d) the reasonably anticipated amount of <br /> tax-exempt obligations (other- than private <br /> activity bonds, treating qual i f ied 501 (c) (3) bands <br /> as not being private activity bands) which will be <br /> 1006009.1 28 <br />
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