Laserfiche WebLink
• <br />• <br />• <br />other information as the County Auditor shall require, and to obtain the County Auditor's <br />certificate that the Bonds have been entered in the County Auditor's Bond Register. <br />25. Records and Certificates. The officers of the City are hereby authorized and <br />directed to prepare and furnish to the Purchaser, and to the attorneys approving the legality of the <br />issuance of the Bonds, certified copies of all proceedings and records of the City relating to the <br />Bonds and to the financial condition and affairs of the City, and such other affidavits, certificates <br />and information as are required to show the facts relating to the legality and marketability of the <br />Bonds as the same appear from the books and records under their custody and control or as <br />otherwise known to them, and all such certified copies, certificates and affidavits, including any <br />heretofore furnished, shall be deemed representations of the City as to the facts recited therein. <br />26. Negative Covenant as to Use of Bond Proceeds and Project. The City hereby <br />covenants not to use the proceeds of the Bonds or to use the Project, or to cause or permit them <br />to be used, or to enter into any deferred payment arrangements for the cost of the Project, in such <br />a manner as to cause the Bonds to be "private activity bonds" within the meaning of Sections 103 <br />and 141 through 150 of the Code. <br />27. 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 (i) the Bonds are issued by a governmental unit with general taxing powers, (ii) no <br />Bond is a private activity bond, (iii) ninety -five percent (95 %) or more of the net proceeds of the <br />Bonds are to be used for local governmental activities of the City (or of a governmental unit the <br />jurisdiction of which is entirely within the jurisdiction of the City), and (iv) the aggregate face <br />amount of all tax - exempt bonds (other than private activity bonds) issued by the City (and all <br />subordinate entities thereof, and all entities treated as one issuer with the City) during the <br />calendar year in which the Bonds are issued and outstanding at one time is not reasonably <br />expected to exceed $5,000,000, all within the meaning of Section 148(f)(4)(D) of the Code. <br />28. Designation of Qualified Tax - Exempt Obligations. 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 />1237483.1 <br />(a) the Bonds are issued after August 7, 1986; <br />22 <br />