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<br />.,1.. It <br /> <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 <br />of 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 <br />of the City), and (4) the aggregate face amount of all <br />tax-exempt bonds (other than private activity bonds) issued by <br />the City (and all subordinate entities thereof, and all <br />entities treated as one issuer with the City) during the <br />calendar year in which the Bonds are issued and outstanding at <br />one time is not reasonably expected to exceed $5,000,000, all <br />within the meaning of Section 148(f)(4)(C) of the Code. <br /> <br />25. Designation of Qualified Tax-Exempt <br />Obligations. In order to qualify the Bonds as "qualified <br />tax-exempt obligations" within the meaning of Section <br />265(b)(3) of the Code, the City hereby makes the following <br />factual statements and representations: <br /> <br />(a) the Bonds are issued after August 7, 1986; <br /> <br />(b) the Bonds are not "private activity bonds" as <br />defined in Section 141 of the Code; <br /> <br />(c) the City hereby designates the Bonds as <br />"qualified tax-exempt obligations" for purposes <br />of Section 265(b)(3) of the Code; <br /> <br />(d) the reasonably anticipated amount of <br />tax-exempt obligations (other than private <br />activity bonds, treating qualified 501(c)(3) <br />bonds as not being private activity bonds) which <br />will be issued by the City (and all entities <br />treated as one issuer with the City and all <br />subordinate entities whose obligations are <br />treated as issued by the City) during this <br />calendar year 1989 will not exceed $10,000,000; <br />and <br /> <br />(e) not more than $10,000,000 of <br />obligations issued by the City during this <br />calendar year 1989 have been designated for <br />purposes of Section 265(b)(3) of the Code. <br />