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Last modified
7/17/2007 8:33:49 AM
Creation date
12/1/2004 1:46:00 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
8561
Resolution Title
Resolution awarding the sale of $2,000,000 General Obligation Improvement Bonds, Series 16, Fixing their form and specifications; directing their execution and delivery, and providing for their payment
Resolution Date Passed
3/14/1990
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<br />6.03. The City further covenants not to use the proceeds of the Bonds or to <br />cause or permit them or any of them to be used, in such a manner as to cause the <br />Bonds to be "private activity bonds" within the meaning of Sections 103 and 141 <br />through 150 of the Code. <br /> <br />6.04. In order to qualify the Bonds as "qualified tax-exempt obligations" <br />within the meaning of Section 265(b)(3) of the Code, the City makes the following <br />factual statements and representations: <br /> <br />(a) the Bonds are not "private activity bonds" as defined in <br />Section 141 of the Code; <br /> <br />(b) the City hereby designates the Bonds as "qualified tax-exempt <br />obligations" for purposes of Section 265(b)(3) of the Code; <br /> <br />(c) the reasonably anticipated amount of tax-exempt obligations <br />(other than private activity bonds, treating qualified 501(c)(3) bonds as not <br />being private activity bonds) which will be issued by the City (and all <br />subordinate entities of the City) during calendar year 1990 will not exceed <br />$10,000,000; and <br /> <br />(d) not more than $10,000,000 of obligations issued by the City <br />during calendar year 1990 have been designated for purposes of Section <br />265(b)(3) of the Code. <br /> <br />6.05. The City will use its best efforts to comply with any federal <br />procedural requirements which may apply in order to effectuate the designations <br />made by this section. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded <br /> <br />by Member <br /> <br />Maschka <br /> <br />, and upon vote being taken thereon, the <br /> <br />following voted in favor thereof: <br />Cushman, Maschka, Thomas, and Rag, <br /> <br />and the following voted against the same: <br />None. <br /> <br />whereupon said resolution was declared duly passed and adopted. <br />
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