10/05/1998 Park Board Packet - Laserfiche WebLink

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Section 6. Miscellaneous. 6.01. The City covenants and agrees with the Owners from time to time of the Series 1998A Bonds that the investment of proceeds of the Series 1998A Bonds, including the investment of any revenues pledged to the Lease Payments 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 Series 1998A 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 Series 1998A Bonds will be used in such manner as to cause the Series 1998A Bonds to be "arbitrage bonds" under Section 148 and any regulations thereunder. The Site, the Facilities and the proceeds of the Series 1998A Bonds will likewise be used in such manner that the Series 1998A 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 Series 1998A Bonds, and to the attorneys approving the Series 1998A Bonds, certified copies of all proceedings and records of the City relating to the power and authority of the City to enter into the Ground Lease and the Lease 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. 6.04. Capitalized terms used herein and defined in the Lease or the Indenture have the meanings given in the Lease or the Indenture. Section 7. Effective Date. This resolution shall be effective immediately upon its final adoption. BMB145001 3 LN140-60