Resolution - #89-11-320 - 11/28/1989

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reasonably ¢.xpccted to be issued in calendar year i989( exceed the small-issuer exception amount of $5,000,0!)0. (b) For purposes of qualifying for the Small issuer exception to the federal arbitrage rebate requ ircir:e;tl;$, the City finds, determines and declares that the aggregate face amount of all tax-exempt btmds (other than private activity bonds) issued by the City (and all subordinate entities of the Cily) during the calendar year in which the Bonds are issued and outstanding at one time is not reasonably ,'~ petted to exceed $5,000,000, within the meaning of Section 148(f)(4)(C) of the Code. 6.03. Th,z City further covenants not to use the proceeds of the Bonds or to cause or permit them or any of them to be used, in such a manner as to cause the Bonds to be "private activity bonci,, ~ within the meaning of Sections 103 and 141 through 150 of the Code. 6.04. in order to qualify the Bonds as '.'qualified tax-exempt obligations" within the meaning el Section 265(b)(3) of the Code, the City makes the following factual statements and representatio~qs: Code; (a) the Bonds are not "private activity bonds" as defined in Section 141 of the (b) the City hereby designates the Bonds as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code; (c) 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 thc City (and all subordinate entities of the City) during calendar year 1989 will not exceed $10,00{),000; and (,3) not more than $10,000,000 of obligations issued by the City during calendar year 1989 have. b~.en designateA for purposes of Section 265(b)(3) of the Code. 6.05 Thc C'ity will use its best efforts to comply with any federal procedural requirements which may aI ~p iy ia order to effectuate the designations made by this section. The motion tot th;~ adoption of the foregoing resolution was duly seconded by Councilmember Cich, and t,pon voie being taken thereon, the following voted in favor thereof: and the foilr~wmg votcA against the same: and the followit,g abstainexl: Nc, lit::