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Roseville City Council
Document Type
Council Resolutions
Resolution #
8268
Resolution Title
For the Purpose of Opening and Considering Bids for, and Awarding the Sale of, $4,500,000 General Obligation Improvement Bonds, Series 14
Resolution Date Passed
2/17/1988
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<br />with such other information as he or she shall require, and to <br />obtain the Auditor's certificate that the Bonds have been <br />entered in the Auditor's Bond Register, and that the tax levy <br />required by law has been made. <br /> <br />22. Records and Certificates. The officers of the <br />City are hereby authorized and directed to prepare and <br />furnish to the Purchaser, and to the attorneys approving the <br />legality of the issuance of the Bonds, certified copies of all <br />proceedings and records of the City relating to the Bonds and <br />to the financial condition and affairs of the City, and such <br />other affidavits, certificates and information as are required <br />to show the facts relating to the legality and marketability <br />of the Bonds as the same appear from the books and records <br />under their custody and control or as otherwise known to them, <br />and all such certified copies, certificates and affidavits, <br />including any heretofore furnished, shall be deemed represen- <br />tations of the City as to the facts recited therein. <br /> <br />23. Negative Covenant as to Use of Improvements. <br />The City hereby covenants not to use the Improvements or to <br />cause or permit it to be used, or to enter into any deferred <br />payment arrangements for the cost of the Improvements, in such <br />a manner as to cause the Bonds to be "private activity bonds" <br />within the meaning of Sections 103 and 141 through 150 of the <br />Code. <br /> <br />24. Tax-Exempt Status of the Bonds; Rebate. The <br />City shall comply with requirements necessary under the Code <br />to establish and maintain the exclusion from gross income <br />under Section l03 of the Code of the interest on the Bonds, <br />including without limitation (1) requirements relating to <br />temporary periods for investments, (2) limitations on amounts <br />invested at a yield greater than the yield on the Bonds, and <br />(3) the 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 time <br />in this calendar year) exceed the small-issuer exception <br />amount of $5,000,000. For purposes of qualifying for the <br />small issuer exception to the federal arbitrage rebate <br />requirements, the City hereby finds, determines and declares <br />that (1) the Bonds are issued by a governmental unit with <br />general taxing powers, (2) no Bond is a private activity bond, <br />(3) ninety-five percent (95%) or more of the net proceeds of <br />the Bonds are to be used for local governmental activities of <br />the City (or of a governmental unit the jurisdiction of which <br />is entirely within the jurisdiction of the City), and (4) the <br />aggregate face amount of all tax-exempt bonds (other than <br /> <br />40 <br />
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