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CC_Minutes_2011_1212
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Roseville City Council
Document Type
Council Minutes
Meeting Date
12/12/2011
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income under Section 103 of the Code of the interest on the Bonds, including without limitation <br /> (i) requirements relating to temporary periods for investments, (ii) limitations on amounts <br /> invested at a yield greater than the yield on the Bonds, and(iii)the rebate of excess investment <br /> earnings to the United States. The City expects to satisfy the twenty four month expenditure <br /> exemption for gross proceeds of the Bonds as provided in Section 1.148-7(e)(1) of the <br /> Regulations. The Mayor and/or Finance Director are hereby authorized and directed to make <br /> such elections as to arbitrage and rebate matters relating to the Bonds as they deem necessary, <br /> appropriate or desirable in connection with the Bonds, and all such elections shall be, and shall <br /> be deemed and treated as, elections of the City. <br /> 25. Designation of Qualified Tax-Exempt Obligations. In order to qualify the Bonds <br /> as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Code, the <br /> City hereby makes the following factual statements and representations: <br /> (a) the Bonds are issued after August 7, 1986; <br /> (b) the Bonds are not "private activity bonds" as defined in Section 141 of the Code; <br /> (c) the City hereby designates the Bonds as "qualified tax-exempt obligations" for <br /> purposes of Section 265(b)(3) of the Code; <br /> (d) the reasonably anticipated amount of tax-exempt obligations (other than private <br /> activity bonds,treating qualified 501(c)(3)bonds as not being private activity bonds) which will <br /> be issued by the City (and all entities treated as one issuer with the City, and all subordinate <br /> entities whose obligations are treated as issued by the City) during this calendar year 2011 will <br /> not exceed $10,000,000; <br /> (e) not more than $10,000,000 of obligations issued by the City during this calendar <br /> year 2011 have been designated for purposes of Section 265(b)(3) of the Code; and <br /> (f) the aggregate face amount of the Bonds does not exceed $10,000,000. <br /> The City shall use its best efforts to comply with any federal procedural requirements which may <br /> apply in order to effectuate the designation made by this paragraph. <br /> 26. Official Statement. The Official Statement relating to the Bonds prepared and <br /> distributed by Springsted is hereby approved and the officers of the City are authorized in <br /> connection with the delivery of the Bonds to sign such certificates as may be necessary with <br /> respect to the completeness and accuracy of the Official Statement. <br /> 27. Severability. If any section,paragraph or provision of this resolution shall be held <br /> to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, <br /> paragraph or provision shall not affect any of the remaining provisions of this resolution. <br /> 28. Headings. Headings in this resolution are included for convenience of reference <br /> only and are not a part hereof, and shall not limit or define the meaning of any provision hereof. <br /> 20 <br /> 4359970v1 <br />
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