Resolution 2009-012 - Laserfiche WebLink

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6.01. General Tax Covenant. The Issuer covenants and agrees with the registered owners from time to time of the Bonds that it will not take, or permit to be taken by any of its officers, employees or agents, any actions that would cause interest on the Bonds to become includable in gross income of the recipient under the Code and applicable Treasury Regulations (the "Regulations "), and covenants to take any and all actions within its powers to ensure that the interest on the Bonds will not become includable in gross income of the recipient under the Code and the Regulations. The Issuer has not and will not enter into any lease, management contract, operating agreement, use agreement or other contract relating to the use or operation of the facilities refinanced by the Bonds, or any portion thereof, or security for the payment of the Bonds which would cause the Bonds to be considered "private activity bonds" or "private loan bonds" pursuant to Section 141 of the Code. 6.02. Certification. The Mayor and City Administrator being the officers of the Issuer charged with the responsibility for issuing the Bonds pursuant to this Resolution, are authorized and directed to execute and deliver to the Purchaser a certificate in accordance with the provisions of Section 148 of the Code, and applicable Regulations, stating the facts, estimates and circumstances in existence on the date of issue and delivery of the Bonds which make it reasonable to expect that the proceeds of the Bonds will not be used in a manner that would cause the Bonds to be "arbitrage bonds" within the meaning of the Code and Regulations. 6.03. Arbitrate Rebate. It is hereby found that the Issuer has general taxing powers, that no Bond is a "private activity bond" within the meaning of Section 141 of the Code, that 95% or more of the net proceeds of the Bonds are to be used for local governmental activities of the Issuer, and that the aggregate face amount of all tax - exempt obligations (other than private activity bonds) issued by the Issuer and all subordinate entities thereof during the year 2009 is not reasonably expected to exceed $5,000,000. Therefore, pursuant to Section 148(f)(4)(D) of the Code, the Issuer shall not be required to comply with the arbitrage rebate requirements of paragraphs (2) and (3) of Section 148(0 of the Code. 6.04. Qualified Tax- Exemt�t Obligations. It is hereby determined that the portion of the Bonds which is equal to the outstanding principal amount of the Series 2001 Refunded. Bonds, $525,000, is deemed designated as "qualified tax - exempt obligations" as provided in Section 265(b)(3)(D) of the Code, since, (a) the Series 2001 Refunded Bonds, when issued, were designated by the Issuer as qualified tax - exempt obligations under Section 265(b) of the Code; (b) the aggregate face amount of the issue of which the Bonds are a part does not exceed $30,000,000, (c) the weighted average maturity of the Series 2001 Refunding Bonds does not exceed the remaining weighted average maturity of the Series 2001 Refunded Bonds; and (d) no Series 2001 Refunding Bond has a maturity date which is Later than thirty (30) years after the date of issuance of the Series 2001 Refunded Bonds. The City Council hereby designates the remaining $545,000 in principal amount of Bonds as "qualified tax - exempt obligations" for purposes of Section 265(b)(3) of the Code, and hereby 16