09-28-11 Council Agenda - Laserfiche WebLink

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20. The Borrower has agreed and it is hereby determined that any and all costs incurred by the City in connection with the financing of the Project will be paid by the Borrower. It is understood and agreed that the Borrower shall indemnify the City against all liabilities, losses, damages, costs, and expenses (including attorney's fees and expenses incurred by the City) arising with respect to the Project or the Notes, as provided for and agreed to by and between the Borrower and the City in the Series 2011 B Loan Agreement and the Series 2012B Loan Agreement. 21. On any date subsequent to the date of issuance of' the Notes, the Mayor and the City Administrator are hereby authorized to execute and deliver any amendments or supplements to any of the documents referred to in this resolution if after review by bond counsel, the Mayor and the City Administrator determine that the execution and delivery of any such amendment or supplement is in the interests of the City. The Mayor and the City Administrator may impose any terms or conditions on their execution and delivery of any such amendment or supplement as the Mayor and the City Administrator deem appropriate. 22. The City hereby determines that the reasonably anticipated amount of tax - exempt obligations which will be issued by the City during calendar year 2011 does not exceed $10,000,000. For purposes of the preceding sentence, the term "tax - exempt obligation" does not include the tax - exempt obligations described in Section 265(b)(3)(C)(ii) of the Internal Revenue Code of 1986, as amended (the "Code "). The Series 2011B Note is hereby designated as a "qualified tax - exempt obligation" by the City for the purposes of Section 265(b)(3) of the Code for calendar year 2011. 23. The City hereby determines that the reasonably anticipated amount of tax - exempt obligations which will be issued by the City during calendar year 2012 does not exceed $10,000,000. For purposes of the preceding sentence, the terns "tax- exempt obligation" does not include the tax - exempt obligations described in Section 265(b)(3)(C)(ii) of the Code. The Series 20123 Note is hereby designated as a "qualified tax - exempt obligation" by the City for the purposes of Section 265(b)(3) of the Code for calendar year 2012. In the event that Bond Counsel determines that it is necessary that the City confirm in calendar year 2012 that the reasonably anticipated amount of tax - exempt obligations which will be issued by the City during calendar year 2012 does not exceed $10,000,000, the Mayor and the City Administrator are hereby delegated the authority to make such determination and confirm such facts. 24. This resolution shall be in full force and effect from and after its passage. 4243192v2 (The remainder of this page is intentionally left blank.) 8 12