07/23/2012 Council Packet - Laserfiche WebLink

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2.04. In order to qualify the Refunding 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 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 2012 will not exceed $10,000,000; (b) Not more than $10,000,000 of obligations issued by the City during calendar year 2012 has been designated for purposes of Section 265(b)(3) of the Code. (c) The City agrees, with all members of NMTC, to allocate the benefits attributable to the Refunding Bonds (and the project financed by the original Series 2003 Bonds) in accordance with members' most recent Debt Service Share under Article XI., Section 3 of the Joint Agreement, which share is 17.15 percent; and accordingly the City allocates 17.15 percent of the principal amount of the Refunding Bonds to the City for the purposes of Section 265(b)(3) of the Code. 2.05. City staff and consultants are authorized and directed to take all other actions required to carry out the intent of this Resolution. Approved by the City Council of the City of Lino Lakes this 23rd day of July 2012. Attest: Mayor City Clerk 407976v1 SJB NR375 -1 2 •