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7/17/2007 8:38:06 AM
Creation date
12/2/2004 9:13:12 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
9391
Resolution Title
Awarding the lowest interest cost bid of 4.97518 percent for the $2,750,000 Improvement Bonds, Series 23 to Norwest Investment Services, Inc. (3/10/97).
Resolution Date Passed
3/10/1997
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<br />which would cause the interest on the Bonds to become subject to taxation under the Internal <br />Revenue Code of 1986, as amended (the Code), and the Treasury Regulations promulgated <br />thereunder, in effect at the time of such actions, and that it will take or cause its officers, <br />employees or agents to take, all affirmative action within its power that may be necessary to <br />ensure that such interest will not become subject to taxation under the Code and applicable <br />Treasury Regulations, as presently existing or as hereafter amended and made applicable to the <br />Bonds. <br /> <br />6.02. The City will comply with requirements necessary under the Code to establish and <br />maintain the exclusion from gross income of the interest on the Bonds under Section 103 of the <br />Code, including without limitation requirements relating to temporary periods for investments, <br />limitations on amounts invested at a yield greater than the yield on the Bonds. <br /> <br />6.03. The City further covenants not to use the proceeds of the Bonds or to cause or <br />permit them or any of them to be used, in such a manner as to cause the Bonds to be "private <br />activity bonds" within the meaning of Sections 103 and 141 through 150 of the Code. <br /> <br />6.04. In order to qualify the Bonds as "qualified tax-exempt obligations" within the <br />meaning of Section 265(b)(3) of the Code, the City makes the following factual statements and <br />representations: <br /> <br />(a) the Bonds are not "private activity bonds" as defined in Section 141 of the <br /> <br />Code; <br /> <br />(b) the City hereby designates the Bonds as "qualified tax-exempt obligations" <br />for purposes of Section 265(b )(3) of the Code; <br /> <br />(c) the reasonably anticipated amount of tax-exempt obligations (other than any <br />private activity bonds other than qualified 501(c)(3) bonds) which will be issued by the <br />City (and all subordinate entities of the City) during calendar year 1997 will not exceed <br />$10,000,000; and <br /> <br />(d) not more than $10,000,000 of obligations issued by the City during <br />calendar year 1997 have been designated for purposes of Section 265(b )(3) of the Code. <br /> <br />6.05. The City wìll use its best efforts to comply with any federal procedural <br />requirements which may apply in order to effectuate the designations made by this section. <br /> <br />Section 7. Book-Entry System; Limited Obligation of City. <br /> <br />7.01. The Bonds will be initially issued in the form of a separate single typewritten or <br />printed fully registered Bond for each of the maturities set forth in Section 1.03 hereof. Upon <br />initial issuance, the ownership of each such Bond will be registered in the registration books kept <br />by the Bond Registrar in the name of Cede & Co., as nominee for the Depository Trust <br /> <br />DJK1l8730 <br />RS20Q-19 <br />
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