Resolution 24-125 - Laserfiche WebLink

Home Search

(c) The Recipient will comply with all requirements of any certificate or agreement ("Tax Compliance Certificate") executed and delivered by it in connection with the issuance of the Note. (d) The Recipient will promptly notify the Executive Director of the Authority in writing of any action or event which adversely affects the status of the Note as a Tax-exempt Note or any of the Authority's Bonds as Tax-exempt Bonds. (e) The Recipient will not use any of the proceeds of the Loan to pay the costs of any facility used or to be used during the term of the Loan for any private business use or to r alce,a private loan within the meaning of Section 141 of the Internal Revenue Code of 1986, as amgtfcietf (the "Code"). (f) The Recipient will not repay the Loan from, or secure repaym6nt;.of the f_ban by, property used or to be used for a private business use or payments in respect of suet property Mlthih,the meaning of Section 141 of the Code, except as specifically permitted in writingiy the Authority. (g)The Recipient will not establish any fund oraccount,;ttlerthan a bona fide debt servtcefund, securing the payment of the Tax-exempt Note or Tax-exempt M�bds or fror Which the Recip►ent'''easonably expects to pay debt service on the Loan, or in any other1'Iespect :6raeate "gross proceeds;" within the meaningof the Code of the Tax-exempt Note or Tax-exenr t- nds''exce t as specifically permitted in p p�� p p Y writing by the Authority. in addition, the Recipient will not investbny gross proceeds in obligations or deposits issued by, guaranteed by or insured by the United State ►; any agency or instrumentality thereof if and to the extent that invest megfivr{ould cause the Tax-Ex6hio' Note or Tax-exempt Bonds to be "federally guaranteed" within the meag f Section,J3bjkof the (h) The Recipient will nod Invest any moneys 6onstituti4g "gross proceeds" of the Tax-exempt Note or Tax-exempt Bonds othb"than in a fair►narket, ar ms' lepgth transaction and at a yield, within the meaning of the Code, in excess 7of the lesser of the yield b"H�the Tax-exempt Note or the Tax-exempt Bonds applicable to the Loah End will apply all Loan procees within five days of the receipt thereof by the Recipient consistent with�the teFrhs'of tlent's disbursement request. 77 �> (i) ExcOpf--,'bis perm►MW under treasury Regulations, Section 1.150-2, and Section 1.4(d) hereof, the Rep►& t will not use Wtin proc616ftto reimburse itself for any payments of project costs that the Rgp►plent made from other funds, if the original payment was made prior to the earlier of the issuance of the authority Bonds use-06,fund tha loan or the execution and delivery of this Agreement or if the origina'i_. Sa pient was madefrofti the proceeds of other debt of the Recipient. (j) other than as ,provided,,I(n,,ection 4.1 hereof, the allocation by the Authority of funds it uses to purchase the Loan, �nclud)ng'different series of Tax-exempt Bonds, is at the sole discretion of the Authority and that altracat►on is binding on the Recipient. (k) With respect to any gross proceeds of the Tax-exempt Bonds created by the Recipient, the Recipient will be liable to the Authority for any amount the Authority is required to rebate to the United States as excess investment earnings pursuant to Section 148 of the Code. The Authority may, in its sole discretion and only upon receipt of an opinion of counsel to the Authority, waive any of the agreements set forth in this Article 3. Lino Lakes_DWRF_01 Page 6 of 12 A-7