Resolution - #93-10-242 - 10/12/1993

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I' I I I I I I I I I I I I I I I I I I (~ ' For purposes of qualifying for the small issuer exception to the federal - dt~, ge rebate requirements, the City finds, determines and declares that ~ a~gregate face amount of all tax-exempt bonds (other than private activity bO Ldd) issued by the City (and all subordinate entities of the City) during the e',a!en~ar year in which the Bonds are issued and outstanding at one time is not reSsomably expected to exceed $5,000,000, all within the meaning of Section 14t(f)I(4) (C) of the Code and further finds, determines and declares that the ag~Jregate amount of all tax-exempt bonds (other than private activity bonds) iss~ed,.by the City in 1993 (the year the Refunded Bonds were issued) did not eXCeed $5,000,000, and that the average maturity date of the Bonds is not latter than the average maturity date of the Refunded Bonds. 7..~3. ,The City further covenants not to use the proceeds of the Bonds or to cause or ~er~Jt them or any of them to be used, in such a manner as to cause the Bonds t0It,e;"private activit bonds" within the meaning of Sections 103 and 141 through~50 bfthe Code. Y 7.0 within factual 14i' obti · In order to qualify the Bonds as "qualified tax-exempt obligations" m~aning of Section 265(b)(3) of the Code, the City makes the following te[hents and representations: (a) the Bonds are not "private activity bonds" as defined in Section of the Code; ~ (b) the City hereby designates the Bonds as "qualified tax-exempt gattons" for purposes of Section 265(b)(3) of the Code; (ic) the reasonably anticipated amount of tax-exempt obligations (ottO, er (hah private activity bonds, treating qualified 501 (c) (3) bonds as not bei~,g l~rivate activity bonds) which will be issued by the City (and all sub~prdJnate entities of the City) during calendar year 1993 will not exceed $10,[00(/, 000; and " -- [ ('d) not more than $10,000,000 of obligations issued by the City du~g~calendar year 199--3 have been designated for purposes of Section 265(~)(';3) of the Code. 7.05i. The City shall use its best efforts to comply with any federal procedural requirements Which may apply in order to effectuate the designations made by this section, ~ ~ The ~o~on for the adoption of the foregoing resolution was duly seconded by ~ : Member ~B~ye~ --~ ~ ~ , and upon vote being taken thereon, the following voted m favor thereof: ~myor Gilbtrt~on,.: ~ Councilmembers Peterson, Beyer, Hardin and Zimmerman and the follbwi~g voted against the same: None ~ whereupon said resolution was declared duly passed and adopted.