CC PACKET 05261987 - Laserfiche WebLink

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7 .02-.. Certification of -Proceedi-ngs,. The officers of the .City and 'the. County Auditors are her-eby authorized and.' directed• to prepare and furnish to the purchaser of the Bonds and to the-attorneys- rendering . an opinion as to the legality of . the issuance thereof , .certified copies of .all proceedings and records of the -City, and such other affidavits , certificates and information a-s maybe required to show the facts relating to the legality and marketability of the Bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies , certificates and affidavits , including any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. 7.03 . Tax Covenant . ( a) Covenant. The City covenants and agrees with the owners from time to time of all bonds payable from the Revenue Bond Account that it will not take or permit to be taken by any of its officers , employees or agents any action which would cause the interest on the bonds to become subject to- taxation under the Internal Revenue Code of 1987 ( the Code) , and regulations , amended regulations and proposed regulations issued thereunder, as now existing or as hereafter amended or proposed and in effect at the time of such action, and that it will take , or it will cause its officers , employees or agents to take , all affirmative actions within its powers ,which may be necessary to insure that such interest will not become subject to taxation under the Code and applicable regulations , as presently existing or as hereafter amended and made applicable to the bonds . The City represents and covenants that the City is and will be the owner of all facilities financed by the Bonds and uses and will use said facilities to conduct its municipal liquor business . So long as any Bonds are outstanding , the City will not enter into any lease, -or any operating, use , management or other agreement respecting said facilities , which would cause the Bonds to be considered "private activity bonds" or "private loan bonds" pursuant to Section 141 of the Code. ( b) Certification. The Mayor and City Clerk, being the officers of the City 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 that on the basis of the facts , estimates and circumstances in existence on- the date' of issue and delivery of the Bonds , as such facts, 'estimates and circumstances are set forth in the certificate , • -21-