Resolution No. 99-63 EDA - Laserfiche WebLink

Home Search

Section 3. Authorization of Documents. The Mayor and the City Clerk -Treasurer are authorized and directed to execute and deliver the First Amendment to Installment Purchase Contract on behalf of the City, substantially in the form on file, but with all such changes therein as shall be approved by the officers executing the same, which approval shall be conclusively evidenced by the execution thereof. Copies of all of the transaction documents shall be delivered, filed and recorded as provided therein. The Mayor, the City Clerk -Treasurer and other City officers are also authorized and directed to execute such other instruments as may be required to give effect to the transactions herein contemplated. The Official Statement, as completed and supplemented, and its distribution to potential purchasers of the Bonds, are hereby approved. Section 4. Approval of Issuance and Sale of Bonds. The issuance and sale by the Authority of the Bonds as described in the Official Statement and the Bond Resolution is hereby approved in all respects, provided that the true interest cost of the Bonds shall not exceed 5.08 % per annum. Section 5. Payments under Installment Purchase Contract. The City will pay to the Trustee, promptly when due, all of the payments and other amounts required by the Installment Purchase Contract. Section 6. Miscellaneous. 6.01. The City covenants and agrees with the Owners from time to time of the Bonds that the investment of proceeds of the Bonds, including the investment of any revenues pledged to the Bonds which are considered proceeds under applicable regulations, and accumulated sinking funds, if any, shall be limited as to amount and yield in such manner that the Bonds shall not be "arbitrage bonds" within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended, and applicable regulations thereunder, and that the City shall comply with all other applicable requirements of Section 148. On the basis of the existing facts, estimates and circumstances, including the foregoing findings and covenants, the City hereby certifies that it is not expected that the proceeds of the Bonds will be used in such manner as to cause the Bonds to be "arbitrage bonds" under Section 148 and any regulations thereunder. The Project and the proceeds of the Bonds will likewise be used in such manner that the Bonds will not be "private activity bonds" under Section 141 of the Internal Revenue Code of 1986, as amended, and applicable regulations. 6.02. The officers of the City are authorized and directed to prepare and furnish to the original purchaser of the Bonds, and to the attorneys approving the Bonds, certified copies of all proceedings and records of the City relating to the power and authority of the City to enter into the First Amendment to Installment Purchase Contract within their knowledge or as shown by the books and records in their custody and control, and such certified copies and certificates shall be deemed representations of the City as to the facts stated therein. 6.03. The City covenants that it will file (or cause the Authority to file) with the Internal Revenue Service the information required under Section 149(e) of the Internal Revenue Code of 1986. BMB-167653 LN140-68