1987-045 Council Resolution - Laserfiche WebLink

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• issued and outstanding at one time is not reasonably expected $5,000,000, all within the meaning of Section 148(f)(4)(C) of the 6.02. The City further covenants not to use the proceeds of or to cause or permit them or any of them to be used, in such a to cause the Bonds to be "private activity bonds" within the Sections 103 and 141 through 150 of the Code. 6.03. In order to qualify the Bonds as "qualified tax- exempt obliga- tions" within the meaning of Section 265(b)(3) of the Code, the City hereby makes the following factual statements and representations: (a) the Bonds are not "private activity bonds" as defined in Section 141 of the Code; to exceed Code. the Bonds manner as meaning of (b) the City hereby 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, treating qualified 501(c)(3) bonds as not being private activity bonds) which will be issued by the City (and all subordinate entities of the City) during calendar year 1987 will not exceed $10,000,000; and (d) not more than $10,000,000 of obligations issued by the City during calendar year 1987 have been designated for purposes of Section 265(b)(3) of the Code. The City shall use its best efforts to comply with any federal procedural requirements which may apply in order to effectuate the designation made by this paragraph. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Reinert and upon vote being taken thereon, the following voted in favor thereof: Benson, Bisel, Bohjanen & Reinert and the following voted against: Marier whereupon said resolution was declared duly passed and adopted.