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Last modified
7/17/2007 8:34:33 AM
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12/2/2004 8:03:52 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
8744
Resolution Title
Awarding the sale of $2,200,000 General Obligation Improvement Bonds, Series 18
Resolution Date Passed
1/27/1992
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<br />23. Negative Covenants as to Use of Proceeds and <br />Improvements. The City hereby covenants not to use the proceeds <br />of the Bonds or to use the Improvements, or to cause or permit <br />them to be used, or to enter into any 'deferred payment <br />arrangements for the cost of the Improvements, in such a manner <br />as to cause the Bonds to be "private activity bonds" within the <br />meaning of Sections 103 and 141 through 150 of the Code. The <br />City hereby covenants not to use the proceeds of the Bonds in <br />such a manner as to cause the Bonds to be "hedge bonds" within <br />the meaning of section l49(g) of the Code. <br /> <br />24. Tax-Exempt status of the Bonds: Rebate: Elections. <br />The City shall comply with requirements necessary under the Code <br />to establish and maintain the exclusion from gross income under <br />Section 103 of the Code of the interest on the Bonds, including <br />without limitation requirements relating to temporary periods for <br />investments, limitations on amounts invested at a yield greater <br />than the yield on the Bonds, and the rebate of excess investment <br />earnings to the united States. <br /> <br />The Mayor, Manager and Finance Director, or any of <br />them, are hereby authorized and directed to make such elections <br />as to arbitrage or rebate matters relating to the Bonds as they <br />deem necessary, appropriate or desirable in connection with the <br />Bonds, and all such elections shall be, and shall be deemed and <br />treated as, elections of the City. <br /> <br />25. No Designation of Qualified Tax-Exempt <br />Obliaations. The Bonds exceed in amount those which may be <br />qualified as "qualified tax-exempt obligations" within the <br />meaning of Section 265(b)(3) of the Code, and hence are not <br />designated for such purposes. <br /> <br />26. Letter of Representations. The Letter of <br />Representations is hereby approved, and shall be executed on <br />behalf of the City by the Mayor and Manager, in substantially the <br />form approved, with such changes, modifications, additions and <br />deletions as shall be necessary and appropriate and approved by <br />Bond Counsel. Execution by such officers of the Letter of <br />Representations shall be conclusive evidence as to the necessity <br />and propriety of changes and their approval by Bond Counsel. So <br />long as Midwest Securities Trust Company is the Depository or it <br />or its nominee is the Holder of any Global Certificate, the City <br />shall comply with the provisions of the Letter of <br />Representations, as it may be amended or supplemented by the City <br />from time to time with the agreement or consent of Midwest <br />Securities Trust Company. <br /> <br />26250 <br /> <br />40 <br />
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