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7/17/2007 8:42:15 AM
Creation date
12/2/2004 10:57:00 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
10074
Resolution Title
Accepting Proposal on the Competitive Negotiated Sale of $9,700,000 General Obligation Municipal Building Bonds, Series 2003A, and Providing for Their Issuance
Resolution Date Passed
2/10/2003
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<br />otherwise known to them, and all such certified copies, certificates and affidavits, including any <br />heretofore furnished, shall be deemed representations of the City as to the facts recited therein. <br /> <br />23. Negative Covenant as to Use of Bond Proceeds and Project. The City hereby <br />covenants not to use the proceeds of the Bonds or to use the Project, or to cause or permit them <br />to be used, or to enter into any deferred payment arrangements for the cost of the Project, in such <br />a manner as to cause the Bonds to be "private activity bonds" within the meaning of Sections 103 <br />and 141 through 150 of the Code. <br /> <br />24. Tax-Exempt Status of the Bonds: Rebate: Elections. The City shall comply with <br />requirements necessary under the Code to establish and maintain the exclusion from gross <br />income under Section 103 of the Code of the interest on the Bonds, including without limitation <br />(1) requirements relating to temporary periods for investments, (2) limitations on amounts <br />invested at a yield greater than the yield on the Bonds, and (3) the rebate of excess investment <br />earnings to the United States. The City expects to satisfy the twenty-four (24) month <br />expenditure exemption for gross proceeds of the Bonds as provided in Section 1.148-7(e)(I) of <br />the Regulations. If any elections are available now or hereafter with respect to arbitrage or <br />rebate matters relating to the Bonds, the Mayor, Finance Director, or either of them, are hereby <br />authorized and directed to make such elections as they deem necessary, appropriate or desirable <br />in connection with the Bonds, and all such elections shall be, and shall be deemed and treated as, <br />elections of the City. <br /> <br />25. Designation of Oualified 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 /> <br />(a) the Bonds are issued after August 7, 1986; <br /> <br />(b) the Bonds are not "private activity bonds" as defined in Section 141 of the Code; <br /> <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 /> <br />(d) the reasonably anticipated amount oftax-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 2003 will <br />not exceed $10,000,000; and <br /> <br />(e) not more than $10,000,000 of obligations issued by the City during this calendar <br />year 2003 have been designated for purposes of Section 265(b)(3) of the Code. The City shall <br />use its best efforts to comply with any federal procedural requirements which may apply in order <br />to effectuate the designation made by this paragraph. <br /> <br />26. 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 /> <br />20 <br /> <br />1493021vl <br />
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