Laserfiche WebLink
<br />..- . <br /> <br />e <br /> <br />qualified 501(c) (3) bonds as not being private activity <br />bonds) which will be issued by the City (and all entities <br />subordinate to, or treated as one issuer with, the City) <br />during calendar year 1994 will not exceed $10,000,000; and <br /> <br />e <br /> <br />(e) not more than $10,000,000 of obligations issued or <br />to be issued by the City during calendar year 1994 have been <br />designated for purposes of Section 265(b) (3) of the Code. <br /> <br />The City shall use its best efforts to comply with any federal <br />procedural requirements which may apply in order to effectuate <br />the designation made by this paragraph. <br /> <br />26. Defeasance. When any obligation of a Bond has <br />been discharged as provided in this paragraph, all pledges, <br />covenants and other rights granted by this Resolution to the <br />registered owner of that Bond (with respect to the obligation <br />thereof so defeased) shall, to the extent permitted by law, <br />cease. The City may at any time discharge any or all of such <br />obligation(s) with respect to any Bond, subject to the provisions <br />of law now or hereafter authorizing or regulating such action, by <br />depositing irrevocably in escrow, with a suitable institution <br />qualified by law as an escrow agent for this purpose, cash or <br />securities which are backed by the full faith and credit of the <br />United States of America, bearing interest payable at such times <br />and at such rates and maturing on such dates and in such amounts <br />as shall be required and sufficient, subject to sale and/or <br />reinvestment in like securities, to pay said obligation(s), which <br />may include any interest payment on such Bond and/or principal <br />amount due thereon at a stated maturity (or if irrevocable <br />provision shall have been made for permitted prior redemption of <br />such principal amount, at such earlier redemption date). <br /> <br />27. ComDliance with Reimbursement Bond Reaulations. <br />With respect to the Golf Course, the City has complied and will <br />continue to comply with the "Reimbursement Regulations" provided <br />in United States Treasury Regulations section 1.103-18, and any <br />successor regulations as may be applicable, including Section <br />1.150-2. In particular, except where the following may not be <br />required by said Regulations (e.g., with respect to certain <br />"preliminary expenditures"), to the extent that any of the <br />proceeds of the Bonds will be used to reimburse the City for a <br />cost of the Golf Course theretofore paid and temporarily financed <br />by the City out of other City funds, prior to the initial payment <br />thereof (or within applicable time limits thereafter) the City <br />has made or will have made a duly qualifying statement of its <br />official intent to bond for such costs; otherwise, the proceeds <br />of the Bonds are to be used for initial payment, and not for such <br />reimbursement, of costs of the Improvements. <br /> <br />244882 <br /> <br />e <br /> <br />29 <br />