Agenda - Council - 10/27/2009 - Laserfiche WebLink

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2. Elections for Build America Bonds, Findings, The City hereby makes an irrevocable election to have Section 54AA of the Code apply to the Bonds, in order to designate the Bonds as Build America Bonds pursuant to Section 54AA(d)(1)(C) of the Code. The City hereby makes an irrevocable election to have Subsection 54AA(g) of the Code apply to the Bonds, in order to designate the Bonds as qualified bonds pursuant to Section 54AA(g)(2)(B) of the Code. In support of such elections, it is hereby found, determined and declared that: (a) the Bonds are not private activity bonds and the interest on the Bonds would (but for this election) be excludable from gross income under Section 103 of the Code; (b) the Bonds are issued after February 17, 2009 and before January 1, 2011; (c) no more than 2% of the proceeds of the Bonds will be used to finance costs of issuance of the Bonds; (d) the issue price of the Bonds does not have more than a de minimis amount of premium over the stated principal amount of the Bonds; and (e) 100% of the available project proceeds of the Bonds, there being no reasonably required reserve therefor, are to be used for capital expenditures which are not working capital expenditures. 3. Bond 1!;rms. (a) Original Issue Date-, Denominations; Maturities-, Term Bond Option. The Bonds shall be dated November 1, 2009, as the date of original issue and shall be issued forthwith on or after such date as fully registered bonds. The Bonds shall be numbered from R-1 upward in the denomination of $5,000 each or in any integral multiple thereof of a single maturity (the "Authorized Denominations"). The Bonds shall mature on April I in the years and amounts as follows: Year Amount 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 All dates are inclusive. As may be requested by the Purchaser, one or more term Bonds may be issued having mandatory sinking fund redemption and final maturity amounts conforming to the foregoing 2413138v2