25-091 - Resolution - GO Bond Sale Series 2025A

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The City shall use its best efforts to comply with any federal procedural requirements which may apply in order to effectuate the designations and covenants made by this section. 6.03. Rebate. The City will comply with requirements necessary under the Code to establish and maintain the exclusion from gross income of the interest on the Bonds under Section 103 of the Code,including without limitation requirements relating to temporary periods for investments,limitations on amounts invested at a yield greater than the yield on the Bonds,and the rebate of excess investment earnings to the United States unless the Bonds qualify for an exception to the rebate requirement under the Code and Regulations. 6.04. Not Private Activily Bonds. The City fin they covenants not to use the proceeds of the Bonds or to cause or permit them or any of them to be used,in such a manner as to cause the Bonds to be determined to constitute"private activity bonds,"within the meaning of Sections 103 and 141 through 150 of the Code and the applicable Regulations promulgated thereunder. 6.05. Qualified Tax-Exempt Obligations. In order to qualify the Bonds as"qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Code, the City makes the following factual statements and representations: (a) the Bonds are not"private activity bonds"as defined in Section 141 of the Code; (b) the City designates the Bonds as "qualified tax-exempt obligations"for purposes of Section 265(b)(3)of the Code; (c) the reasonably anticipated amount of tax-exempt obligations (other than private activity bonds that are not qualified 501(c)(3) bonds) which will be issued by the City (and all subordinate entities of the City)during calendar year 2025 will not exceed$10,000,000;and (d) not more than $10,000,000 of obligations issued by the City during calendar year 2025 have been designated for purposes of Section 265(b)(3)of the Code. Section 7. Book-Entry System;Limited Obligation of City. 7.01. DTC. The Bonds shall be initially issued in the form of a separate single typewritten or printed fully registered Bond for each of the maturities set forth in Section 1.04 hereof. Upon initial issuance, the ownership of each Bond shall be registered in the registration books kept by the Registrar in the name of Cede & Co., as nominee for The Depository Trust Company,New York,New York, and its successors and assigns ("DTC"). Except as provided in this section, all of the outstanding Bonds shall be registered in the Bond Register in the name of Cede& Co.,as nominee of DTC. 7.02. Participants. With respect to Bonds registered in the Bond Register in the name of Cede & Co.,as nominee of DTC,the City,the Registrar,and the Paying Agent shall have no responsibility or obligation to any broker-dealers,banks,and other financial institutions from time to time for which DTC holds Bonds as securities depository (the"Participants") or to any other person on behalf of which a Participant holds an interest in the Bonds,including but not limited to any responsibility or obligation with respect to(i)the accuracy of the records of DTC, Cede & Co. or any Participant with respect to any ownership interest in the Bonds; (ii)the delivery to any Participant or any other person(other than a registered owner of Bonds,as shown by the registration books kept by the Registrar), of any notice with respect to the Bonds, including any notice of redemption;or(iii)the payment to any Participant or any other person,other than a registered owner of Bonds, of any amount with respect to principal of,premium,if any,or interest on the Bonds. The City,the Registrar, and the Paying Agent may treat and consider the person in whose name each Bond is registered in the Bond Register as the holder and absolute owner of such Bond for the purpose of payment of principal,premium and 13