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9/14/2009 1:19:45 PM
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9/14/2009 1:16:28 PM
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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
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26. Desi ation of ualified Tax-Exem t Obli ations. 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 />(a) the Bonds are issued after August 7, 1986; <br />(b) the Bonds are not "private activity bonds" as defined in Section 141 of the Code; <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 />(d) the reasonably anticipated amount of tax 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 2009 will <br />not exceed $30,000,000; <br />(e) not more than $30,000,000 of obligations issued by the City during this calendar <br />year 2009 have been designated for purposes of Section 265(b)(3) of the Code; and <br />(f) the aggregate face amount of the Bonds does not exceed $30,000,000. <br />Furthermore: <br />(g) each of the Refunded Bonds was designated as a "qualified tax exempt <br />obligation" for purposes of Section 265(b)(3) of the Code; <br />(h) the aggregate face amount of the Bonds does not exceed $30,000,000; <br />(i) the average maturity of the Bonds does not exceed the remaining average maturity <br />of the Refunded Bonds; <br />(j) no part of the Bonds has a maturity date which is later than the date which is <br />thirty years after the date the Refunded Bonds were issued; and <br />(k) the Bonds are issued to refund, and not to "advance refund" the Prior Bonds <br />within the meaning of Section 149(d)(5) of the Code, and shall not be taken into account under <br />the $30,000,000 issuance limit to the extent the Bonds do not exceed the outstanding amount of <br />the Prior Bonds. <br />The City shall use its best efforts to comply with any federal procedural requirements which may <br />apply in order to effectuate the designation made by this paragraph. <br />27. Defeasance. When all Bonds have been discharged as provided in this paragraph, <br />all pledges, covenants and other rights granted by this resolution to the registered holders of the <br />Bonds shall, to the extent permitted by law, cease. The City may discharge its obligations with <br />respect to any Bonds which are due on any date by irrevocably depositing with the Bond <br />Registrar on or before that date a sum sufficient for the payment thereof in full; or if any Bond <br />2377316v1 1'] <br />
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