Laserfiche WebLink
• <br />• <br />• <br />the hope and expectation of achieving thereby certain lower interest rates on the Bonds. <br />For this purpose, it is assumed that the full $2,500,000 of Bonds would be issued in 2003 <br />(though the actual amount of those Bonds may be less) and that each Member City of the <br />Commission would have an allocation of that total bond issue, based on the percentage <br />shares of the members for 2002, as follows: <br />Percentage Allocated <br />Member Share Bond Amount <br />Blaine 52.347% $1,308,675 <br />Centerville 3.567 89,175 <br />Circle Pines 5.001 125,025 <br />Ham Lake 11.696 292,400 <br />Lexington 2.551 63,775 <br />Lino Lakes 16.391 409,775 <br />Spring Lake Park 8.447 211,175 <br />100.00% $2,500,000 <br />This City's allocated bond amount (as provided above) is hereinafter referred to as the <br />City's Bonds, and the City hereby makes the following factual statements and <br />representations: <br />(a) the City hereby designates the City's Bonds as "qualified tax - exempt <br />obligations" for purposes of Section 265(b)(3) of the Code; <br />(b) the sum of the City's Bonds plus the reasonably anticipated amount of all <br />other tax - exempt obligations (other than private activity bonds, treating qualified <br />501(c)(3) bonds as not being private activity bonds) which will be issued by the <br />City (and all entities subordinate to, or treated as one issuer with, the City) during <br />calendar year 2003 is not expected to exceed $10,000,000; and <br />(c) pursuant to Section 265(b)(3)(C)(iii) of the Code, the City states that it is <br />receiving the benefits from the issuance of the City's Bonds and the City hereby <br />irrevocably agrees (solely for purposes of said Section 265(b)(3) of the Code) <br />with the other Member Cities of the Commission to the foregoing respective <br />allocations of the principal amount of the Bonds and further agrees and finds that <br />said allocation bears a reasonable relationship to the respective benefits received. <br />Nothing in this paragraph is intended or shall be interpreted to limit or alter the respective <br />percentage shares of the Member Cities or their respective allocations of debt service <br />obligations on the Bonds, as those may be determined in accordance with the Agreement <br />for 2003 or any subsequent year. <br />5 <br />