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Resolution No. 99-64A EDAC
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Resolution No. 99-64A EDAC
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EDA
EDA Document Type
EDA Resolution
Meeting Date
08/24/1999
Resolution #
99-64
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Section 4. Tax Covenants. <br />4.01. The Authority covenants and agrees with the holders from time to time of the Bonds <br />that it will not take or permit to be taken by any of its officers, employees or agents any action <br />which would cause the interest on the Bonds to become subject to taxation under the Internal <br />Revenue Code of 1986, as amended (the "Code"), and the Treasury Regulations promulgated <br />thereunder, in effect at the time of such actions, and that it will take or cause its officers, employees <br />or agents to take, all affirmative action within its power that may be necessary to ensure that such <br />interest will not become subject to taxation under the Code and applicable Treasury Regulations, as <br />presently existing or as hereafter amended and made applicable to the Bonds. <br />4.02. The Authority will comply with requirements necessary under the Code to establish <br />and maintain the exclusion from gross income of the interest on the Bonds under Section 103 of the <br />Code, including without limitation requirements relating to temporary periods for investments, <br />limitations on amounts invested at a yield greater than the yield on the Bonds, and the rebate of <br />excess investment earnings to the United States if required. <br />4.03. The Authority further covenants not to use the proceeds of the Bonds or to cause or <br />permit them or any of them to be used, in such a manner as to cause the Bonds to be "private <br />activity bonds" within the meaning of Sections 103 and 141 through 150 of the Code. <br />4.04. In order to qualify the Bonds as "qualified tax-exempt obligations" within the <br />meaning of Section 265(b)(3) of the Code, the Authority makes the following factual statements <br />and representations: <br />(a) the Bonds are not "private activity bonds" as defined in Section 141 of the <br />Code; <br />(b) the Authority hereby designates the Bonds as "qualified tax-exempt <br />obligations" for purposes of Section 265(b)(3) of the Code; <br />(c) the reasonably anticipated amount of tax-exempt obligations (other than any <br />private activity bonds that are not qualified 501(c)(3) bonds) which will be issued by the <br />Authority (and all subordinate entities of the Authority) during calendar year 1999 will not <br />exceed $10,000,000; and <br />(d) not more than $10,000,000 of obligations issued by the Authority during <br />calendar year 1999 have been designated for purposes of Section 265(b)(3) of the Code. <br />4.05. The Authority will use its best efforts to comply with any federal procedural <br />requirements which may apply in order to effectuate the designations made by this section. <br />BMB-167652 <br />LN140-68 <br />
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