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• <br />2.04. In order to qualify the Refunding Bonds as "qualified tax- exempt obligations" within <br />the meaning of Section 265(b)(3) of the Code, the City makes the following factual statements and <br />representations: <br />(a) The reasonably anticipated amount of tax- exempt obligations (other than <br />private activity bonds that are not qualified 501(c)(3) bonds) which will be issued by the <br />City (and all subordinate entities of the City) during calendar year 2012 will not exceed <br />$10,000,000; <br />(b) Not more than $10,000,000 of obligations issued by the City during calendar <br />year 2012 has been designated for purposes of Section 265(b)(3) of the Code. <br />(c) The City agrees, with all members of NMTC, to allocate the benefits <br />attributable to the Refunding Bonds (and the project financed by the original Series 2003 <br />Bonds) in accordance with members' most recent Debt Service Share under Article XL, <br />Section 3 of the Joint Agreement, which share is 17.15 percent; and accordingly the City <br />allocates 17.15 percent of the principal amount of the Refunding Bonds to the City for the <br />purposes of Section 265(b)(3) of the Code. <br />2.05. City staff and consultants are authorized and directed to take all other actions <br />required to carry out the intent of this Resolution. <br />• Approved by the City Council of the City of Lino Lakes this 23rd day of July 2012. <br />• <br />The motion for the adoption of the foregoing resolution was introduced by Council Member <br />Rafferty and was duly seconded by Council Member Stoesz and upon vote being taken thereon, <br />the following voted in favor thereof: <br />Rafferty, Stoesz, Roeser, O'Donnell, Reinert <br />The following voted against same: None <br />Attest: <br />407976v1 SJB NR375 -1 <br />2 <br />