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1988-075 Council Resolution
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1988-075 Council Resolution
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Last modified
10/31/2014 2:23:31 PM
Creation date
10/31/2014 1:55:42 PM
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City Council
Council Document Type
Master List Resolution
Meeting Date
10/03/1988
Council Meeting Type
Regular
Resolution #
88-075
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6.04. In order to qualify the Bonds as "qualified tax - exempt obligations" <br />within the meaning of Section 265(b)(3) of the Code, the City hereby makes the <br />following factual statements and representations: <br />(a) the Bonds are not "private activity bonds" as defined in Section <br />141 of the Code; <br />(b) the City hereby designates the Bonds as "qualified tax- exempt <br />obligations" for purposes of Section 265(b)(3) of the Code; <br />(c) the reasonably anticipated amount of tax- exempt obligations <br />(other than private activity bonds, treating qualified 501(c)(3) bonds as <br />not being private activity bonds) which will be issued by the City (and all <br />subordinate entities of the City) during calendar year 1988 will not <br />exceed $10,000,000; and <br />(d) not more than $10,000,000 of obligations issued by the City <br />during calendar year 1988 have been designated for purposes of Section <br />265(b)(3) of the Code. <br />6.05. The City shall use its best efforts to comply with any federal <br />procedural requirements which may apply in order to effectuate the designations <br />made by this section. <br />The motion for the adoption of the foregoing resolution was duly seconded <br />by Member Bisel , and upon vote being taken thereon, the <br />following voted in favor thereof: All Members <br />and the following voted against the same: None <br />whereupon said resolution was declared duly passed and adopted. <br />
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