Resolution 4902 - Laserfiche WebLink

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. . . calendar year is not reasonably expected to exceed $5,000,000, all within the meaning of Section 148(f) (4) (D) of the Code. For purposes of substantiating the determination that the Bonds, being refunding bonds, are eligible for exception from rebate pursuant to the above, in particular because they meet the applicable requirements set out in Section 148 (f) (4) (D) (v) of the Code, the City hereby represents and determines that (1) the Prior Bonds were issued in 1989 by the City, which was at that time and is now a governmental unit with general taxing powers; (2) the Prior Bonds were not private activity bonds under Sections 103 and 141 through 150 of the Code, and the City qualified the Bonds within the "small-issuer" exception of [then] Section 148 (f) (4) (C) of the Code; (3) 95% or more of the net proceeds of the Prior Bonds were used for local governmental activities of the City; (4) the City, together with all issuers subordinate to or treated as one issuer with the City, did not issue in excess of $5,000,000 of bonds (other than private activity bonds) during calendar year 1989; (5) the average maturity date of the Bonds is not later than the average maturity date of the Refunded Bonds; and (6) none of the Bonds has a maturity date which is later than 30 years after the date on which the Prior Bonds were issued. 26. Designation of Oualified Tax-Exemot Obliqations. In order to qualify the Bonds as "qualified tax-exempt obligations" 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 issued after August 7, 1986; (b) the Bonds are not "private activity bonds" as defined in Section 141 of the Code (reorganizing that, pursuant to Section 265(b) (3) (B) (ii) (I) of the Code, the Bonds, being "qualified 501 (c) (3) bonds", are not treated as private activity bonds for this purpose) ; (c) the City hereby designates the Bonds as "qualified tax-exempt obligations" for purposes of Section 265 (b) (3) of the Code; (d) 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 entities subordinate to, or treated as one issuer with, the City) during calendar year 1996 is not reasonably anticipated to exceed $10,000,000; and (e) not more than $10,000,000 of obligations issued by the City (or any entity subordinate to, or treated as one 311 080. 1 23