Agenda - Council - 05/23/2000 - Laserfiche WebLink

Home

For purposes of qualifying for the exception to the federal arbitrage rebate requirements for governmental units issuing $5,000,000 or less of bonds, the City hereby finds, determines and declares that (i) the Bonds are issued by a governmental unit with general taxing powers, (ii) no Bond is a private activity bond, (iii) ninety-five percent (95%) or more of ~he net proceeds of the Bonds are to be used for local governmental activities of the City (or ora governmental unit the jurisdiction of which is entirely within the.jurisdiction of the City), and (iv) the aggregate face amount of all tax-exempt bonds (other than private activity bonds) issued by the City (and all subordinate entities thereof, and all entities treated as one issuer with the City) during the calendar year in which the Bonds are issued and outstanding at one time is not reasonably expected to exceed 5;5,000,000, all within the meaning of Section 148(I)(4)(D) of the Code. 27. Designation of Qualified T;~x. -Exempt Obligations. In order to qualify the Bonds as "qualified tax-exempt obligations" within the meaning of Section 265(O)(3) of the Code, the City hereby makes the following factual statements and representations; (a) the Bonds are issued after August 7, 1986; (b) the Bonds are not "private activity bonds" as defined in Section 14l of the Code; (c) the City hereby designates the Bonds as "qualified tax-exempt obligations" for purposes of Section 265(o)(3) of the Code; (d) the reasonably anticipated amount of tax-exempt obligations (other than private activity bonds, treating qualified 501 (c)(3) bonds as not being private activity bonds) which will be issued by the City (and all entities treated as one issuer with the City, and all subordinate entities whose obligations are treated as issued by the City) during this calendar year 2000 will not exceed 5;10,000,000; and (e) not more than 5;10,000,000 of obligations issued by the City during this calendar year 2000 have been designated for purposes of Section 265C0)(3) of the Code. The City shall use its best efforts to comply with any federal procedural requirements which may apply in order to effectuate the designation made by this paragraph. 28. Severabilily. If any section, paragraph or provision of this resolution shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this resolution.