res_8745 - Laserfiche WebLink

Home

the Purchaser, and to the attorneys approving the legality of the issuance of the Bonds, certified copies of all proceedings and records of the city relating to the Bonds and to the financial condition and affairs of the City, and such other affidavits, certificates and information as are required to show the facts relating to the legality and marketability of the Bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. 29. Neqative Covenants as to Use of Proceeds and Proiects. The City hereby covenants not to use the proceeds of the Bonds or to use the Projects, or to cause or permit them to be used, or to enter into any deferred payment arrangements for the cost of the Projects, in such a manner as to cause the Bonds to be "private activity bonds" within the meaning of sections 103 and 141 through 150 of the Code. The City hereby covenants not to use the proceeds of the Bonds in such a manner as to cause the Bonds to be "hedge bonds" within the meaning of Section 149(g) of the Code. 30. Tax-Exempt Status of the Bonds: Rebate: Elections. The City shall comply with requirements necessary under the Code to establish and maintain the exclusion from gross income under section 103 of the Code of the interest on the Bonds, including without limitation requirements relating to temporary periods for investments, limitations on amounts invested at a yield greater than the yield on the Bonds, and the rebate of excess investment earnings to the united States. The City understands that upon the issuance of the Bonds, as a condition to the tax-exempt status of the Bonds, the proceeds of the Prior Bonds and of the bonds refunded by the Prior Bonds lose any initial temporary periods and have a minor portion for arbitrage purposes which is limited to $100,000. The Mayor, Manager and Finance Director, or any of them, are hereby authorized and directed to make such elections as to arbitrage or rebate matters relating to the Bonds as they deem necessary, appropriate or desirable in connection with the Bonds, and all such elections shall be, and shall be deemed and treated as, elections of the city. 3l. No Designation of Qualified Tax-ExemDt Obliqations. The Bonds exceed in amount those which may be qualified as "qualified tax-exempt obligations" within the 26957 41