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04-22-1991 CC
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04-22-1991 CC
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MV City Council
City Council Document Type
City Council Packets
Date
4/22/1991
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• 148 (f) (4) (D) of the Code. For purposes of the foregoing, the <br /> City is treating the City's Bonds as a loan made by the City of <br /> Blaine to the City within the meaning of Section 148 (f) (4) (D) - <br /> (ii) (II) of the Code. <br /> 4. Designation of Qualified Tax-Exempt Obligations. In <br /> order to qualify the Bonds as "qualified tax-exempt obligations" <br /> within the meaning of Section 265 (b) (3) of the Code, the City <br /> hereby makes the following factual statements and <br /> representations: <br /> (a) the City's Bonds are issued after August 7, 1986; <br /> (b) the City's Bonds are not "private activity bonds" <br /> as defined in Section 141 of the Code; <br /> (c) the City hereby designates the City' s Bonds as <br /> "qualified tax-exempt obligations" for purposes of Section <br /> 265 (b) (3) of the Code; <br /> (d) the sum of the $1, 012, 375 of the City's Bonds plus <br /> the reasonably anticipated amount of all other tax-exempt <br /> obligations (other than private activity bonds, treating <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 1991 will not exceed $10, 000, 000; <br /> (e) the sum of the $1, 012, 375 of the City's Bonds plus <br /> the aggregate principal amount of all other obligations <br /> issued or to be issued by the City during calendar year 1991 <br /> which have been designated or which are anticipated to be <br /> eligible for designation for purposes of Section 265 (b) (3) <br /> of the Code does not and is not reasonably expected to <br /> exceed $10, 000, 000; and <br /> (f) pursuant to Section 265 (b) (3) (C) (iii) of the Code, <br /> the City states that it is receiving the benefits from the <br /> issuance of the $1, 012, 375 of the City's Bonds and the City <br /> hereby irrevosabl -agrees with-the-Ckt -of Blaine-to the <br /> allocation of said amount to the City for purposes of <br /> Section 265 (b) (3) of the Code and further agrees and finds <br /> that said allocation bears a reasonable relationship to the <br /> respective benefits received. <br /> 5. Tax Levies. To provide moneys for payment of the <br /> principal of and interest on the City's Bonds, and for the <br /> benefit of the owners from time to time of the City's Bonds and <br /> for the benefit of the City of Blaine in respect of its payment <br /> III 15717 <br /> 4 <br />
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