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06/22/1998 Council Minutes
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06/22/1998 Council Minutes
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City Council
Council Document Type
Council Minutes
Meeting Date
06/22/1998
Council Meeting Type
Regular
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Section 6. Miscellaneous. <br />6.01. The City covenants and agrees with the Owners from time to time of the Series <br />1998A Bonds that the investment of proceeds of the Series 1998A Bonds, including the <br />investment of any revenues pledged to the Lease Payments which are considered proceeds under <br />applicable regulations, and accumulated sinking funds, if any, shall be limited as to amount and <br />yield in such manner that the Series 1998A Bonds shall not be "arbitrage bonds" within the <br />meaning of Section 148 of the Internal Revenue Code of 1986, as amended, and applicable <br />regulations thereunder, and that the City shall comply with all other applicable requirements of <br />Section 148. On the basis of the existing facts, estimates and circumstances, including the <br />foregoing findings and covenants, the City hereby certifies that it is not expected that the <br />proceeds of the Series 1998A Bonds will be used in such manner as to cause the Series 1998A <br />Bonds to be "arbitrage bonds" under Section 148 and any regulations thereunder. The Site, the <br />Facilities and the proceeds of the Series 1998A Bonds will likewise be used in such manner that <br />the Series 1998A Bonds will not be "private activity bonds" under Section 141 of the Internal <br />Revenue Code of 1986, as amended, and applicable regulations. <br />6.02. The officers of the City are authorized and directed to prepare and furnish to the <br />original purchaser of the Series 1998A Bonds, and to the attorneys approving the Series 1998A <br />Bonds, certified copies of all proceedings and records of the City relating to the power and <br />authority of the City to enter into the Ground Lease and the Lease within their knowledge or as <br />shown by the books and records in their custody and control, and such certified copies and <br />certificates shall be deemed representations of the City as to the facts stated therein. <br />6.03. The City covenants that it will file (or cause the Authority to file) with the Internal <br />Revenue Service the information required under Section 149(e) of the Internal Revenue Code of <br />1986. <br />6.04. Capitalized terms used herein and defined in the Lease or the Indenture have the <br />meanings given in the Lease or the Indenture. <br />Section 7. Effective Date. This resolution shall be effective immediately upon its final <br />adoption. <br />BMB145001 <br />LN140-60 <br />3 <br />• <br />
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