My WebLink
|
Help
|
About
|
Sign Out
Home
res_10737
Roseville
>
City Council
>
City Council Resolutions
>
10xxx
>
10700
>
res_10737
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
9/14/2009 1:19:45 PM
Creation date
9/14/2009 1:16:28 PM
Metadata
Fields
Template:
Roseville City Council
Document Type
Council Resolutions
Meeting Date
7/20/2009
Resolution #
10737
Resolution Title
RESOLUTION ACCEPTING PROPOSAL ON THE COMPETITIVE NEGOTIATED SALE OF $1,070,000 GENERAL OBLIGATION REFUNDING IMPROVEMENT BONDS, SERIES 2009B, PROVIDING FOR THEIR ISSUANCE AND PLEDGING FOR THE SECURITY THEREOF SPECIAL ASSESSMENTS AND LEVYING A TAX FOR
Resolution Summary
General obligation Refunding Improvement Bonds
Resolution Date Passed
7/20/2009
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
21
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
Prior Bonds (the "Project"), or to cause or permit them to be used, or to enter into any deferred <br />payment arrangements for the cost of the Project, in such a manner as to cause the Bonds to be <br />"private activity bonds" within the meaning of Sections 103 and 141 through 150 of the Code. <br />25. Tax-Exempt Status of the Bonds• Rebate. 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 if the Bonds (together with other obligations reasonably expected to <br />be issued and outstanding at one time in this calendar year) exceed the small issuer exception <br />amount of $5,000,000. <br />For purposes of qualifying for the exception to the federal arbitrage rebate requirements <br />for governmental units issuing $5,000,000 or less of bonds, the City hereby finds, determines and <br />declares that: <br />(a) the Bonds are issued by a governmental unit with general taxing powers; <br />(b) no Bond is a private activity bond; <br />(c) ninety-five percent or more of the net proceeds of the Bonds are to be used for <br />local governmental activities of the City (or of a governmental unit the jurisdiction of which is <br />entirely within the jurisdiction of the City); and <br />(d) the aggregate face amount of all tax exempt bonds (other than private activity <br />bonds) issued by the City (and all subordinate entities thereof, and all entities treated as one <br />issuer with the City) during the calendar year in which the Bonds are issued and outstanding at <br />one time is not reasonably expected to exceed $5,000,000, all within the meaning of Section <br />148(f)(4)(D) of the Code. <br />Furthermore: <br />(e) there shall not be taken into account for purposes of said $5,000,000 limit any <br />bond issued to refund (other than to advance refund) any bond to the extent the amount of the <br />refunding bond does not exceed the outstanding amount of the refunded bond; <br />(f) the aggregate face amount of the Bonds does not exceed $5,000,000; <br />(g) each of the Refunded Bonds was issued as part of an issue which was treated as <br />meeting the rebate requirements by reason of the exception for governmental units issuing <br />$5,000,000 or less of bonds; <br />(h) the average maturity of the Bonds does not exceed the average maturity of the <br />Refunded Bonds; and <br />(i) no part of the Bonds has a maturity date which is later than the date which is <br />thirty years after the dates the Refunded Bonds were issued. <br />2377316v1 1 <br />
The URL can be used to link to this page
Your browser does not support the video tag.