CC PACKET 07131993 - Laserfiche WebLink

Home Browse Search

I I I I I I 1 1�0 ID N m Ill O N^Q�I I 17 I C)10^1p m 0 I m 10 m Q N ^�m N^m Q ' C '; O- - ° O 1 ^ 1 _O °- Q 1 10 1. limitation the calculations of alternative minimum tax, environmental tax or foreign branch I 1�f!7^Q 01 Q N 1�m 0 1� I O 11 N Q 17 O l m l 10 Ill N m Q^ I N O 11 O I Ill 11 O'-n r Ilf m l IO I m^ ti m O OI N I m I 1h 11 ^ 1 m M O —I � ^°1- ; 1' 11 �°m^m° 1 m ' �m ^� - 1 Q 1 " " profits tax liability or the inclusion of Social Security or other retirement payments in taxable T I Of P'f N^ ^Q Q N�-0 C9 01 I 17 N N^O N I N I m 1� m Or O I tD I T I - 0— 1 11 income. O I N I I I I I ^ YI I I N 1 I I I I N I E 1 I n 1 I I 1 n W J I ✓2 I O c L 1 Nr�017 N OON Q LL9 t'1N I m 1 f7N m N—O 1 1� 1 Nf7 N m N 1A^ I O l m l ° ' C°m°^° m °° ^ "°^1>0°° ' °' ' °° "" ° C" ' " ' ^ Bank-Qualified Tax-Exempt Obligations W I O �W 10 IO OI m h m m O I r` O—O n ID O l m l M V N O %) I m I 1� 'E 1 OI N m 17 1�m 17 ti^m m 0— I f'1 1 Q N ID m t0 2 I Q I 1h 01 YJ 2 m YJ v l m l A 1 Ili N f7 OJ I l� Cl N ID 17— I m m 0 m 01 T I m l l� I ^ - I " `° Prior to the adoption of the Tax Reform Act of 1986 (the "Act"), financial institutions were I N I I I I ^ 1 ^ I I N I 1 I 1 I N 1 generally permitted to deduct 80% of their interest expense allocable to tax-exempt obligations. j E El �, 0 o o j � ; ;; Under the Act, however, financial institutions are generally not entitled to such a deduction for 0 ` °° ~ N tax-exempt obligations purchased after August 7, 1986. However the City has designated the I ✓ 1 - - 1 - I " 1 ° ' " °^ ' "~ ' Bonds as "qualified tax-exempt obligations" pursuant to Section 265(b) of the Code which O. I C O O <")m I OI 11 N Ip�- I 01 I 01 I I J 1 OI C N - I -11 - i - 1 would permit financial institutions to deduct interest expenses allocable to the Bonds to the 11 - I I 11 extent permitted under prior law. J I e7 1 0 1 t") I e7 I 17 1 o f c•1 I [7 1 V I h I t'f 1 V V I W V✓ Q I L 01 01 Q 1 Q 1 Q I Q I Q 1 1 0) X Vl Q1 I 01 I OI 1 O+ I O+ 11 I C^ to O 1 0i:: C 1 0 1 0 1 V'1 Q N I N 11 N I N I N 11 Financial Advisor I N I N I N I I I I 11 I I 11 T N ; m -:7 ~ m m"�,O- ; o ; - °" ~ ; ~ The City has retained Springsted Incorporated, Public Finance Advisors, of St. Paul, Minnesota, L O) I N m_ 1n O W Q I n Q m Q O " °- m^ ^ "°° °° - as financial advisor (the "Financial Advisor") in connection with the issuance of the Bonds. In 01~ I G L r m m m^CD Q Q Q O M ID I Q I OI -0 ` c -° ~m a ' m " ~ = ° ' ° "" preparing the Official Statement, the Financial Advisor has relied upon governmental officials I d J m N h 01 1 m 11 I N I m m 01 1 ID I m 11 o' ' LL N N _ ; " a 1 who have access to relevant data to provide accurate information for the Official Statement, L LL I W 1 1 I N 1 1 11 1 11 and the Financial Advisor has not been engaged, nor has it undertaken, to independently verify the accuracy of such information. The Financial Advisor is not a public accounting firm and I 01 O^O N I N 1 OI Q I Q I m 01 I m I N 1 —✓ � m 1-°Io I m 1; ^ 1n 1 I- 1 ° � i m 1 m n 1n ' has not been engaged by the City to compile, review, examine or audit any information in the 01 1 ✓ C)•O N N 01 1� 1 '- N N I Q I — — N I N Q 1 '—' C ~ ; Official Statement in accordance with accounting standards. The Financial Advisor is an I N I N 11 I 1 I I N 11 independent advisory firm and is not engaged in the business of underwriting, trading or distributing municipal securities or other public securities and therefore will not participate in the underwriting of the Bonds. In ^N N 17 I O I 1n N I m 1 ^ m I OI 1 1� 1 ✓ V h N I I I - 1 1 D — T 1 I 1 I m I T 1 1 QI > C C m C 1 I O I I O L J O I I 1 e7 m I I I - `� Rating I N 1 N 1 1 I I N 1 I I 11 I I I I 11 � I C I J I 1 I I ^ ' ° " I V' 1 ° " An application for a rating of the Bonds has been made to Moody's Investors Service In 1 ^ I ^ I N I m I m I ^ d I 01 IO Ip i Q I Q I I 10 ° m ' J " ("Moody's"), 99 Church Street, New York, New York. If a rating is assigned, it will reflect only O ✓ I C L O 1 0 1 N N I m I m l 0 1 C C I " " ' the opinion of Moody's. Any explanation of the significance of the rating may be obtained only E I n 01 LL N I N 11 I I 1 I N 1 C 1 1n C I I I 1 I from Moody's. U O U V I ^ I Q 1 N O!0 f7 I OI 1 CO m 0^ 1 1� I ID N m I N I 01 11 1 m O m N 10 I IA 11 Ip O 1fi N I Q I O N— I — I 47 11 ° ^ �,°- ° ;; Ic 11 O 1 - a N 1 m ; Q ;; There is no assurance that a rating, if assigned, will continue for any given period of time, or 2 tL0 - - I 1 I - - I Q 1 C O OI OI cp J ^ '" ^ W 11 ° N° ° 1 " ' ° ' " that such rating will not be revised or withdrawn, if in the judgment of Moody's, circumstances V1 I C LL I m 1 N I I 10 I IO I m 1 °> N ; r+ ;; ! N so warrant. A revision or withdrawal of the rating may have an adverse effect on the market z^ I I 11 I I 1 I 11 price of the Bonds. ~ LL C fA C E J w 1n E 1n LL J m ✓� y 1 O G S Y C L W O °J-� .� }_ LL✓ W Certification ~ O) C 0) � O In �✓ 0)C U In U W OI W V N N + 7 ✓•L✓ L y 2 � The City has authorized the distribution of this Official Statement for use in connection with the W W W - "✓ ° ° ° x initial sale of the Bonds. z ° n a W ✓ `o ° Oni In LL T Q C W C C —�w 2 O Ol ✓ J W U 0 J 0) Q a 2 0) E a/ 1 Q°a a ✓ m J m C C L W O) N C N -- ^ L Q y 0'0" L ✓ ° _ N N d _ a w As of the date of the settlement of the Bonds, the Purchaser will be furnished with a certificate ° QI C 0) O✓ c > N O ✓ C In E W J ° " d = ° ^ - J J E °° _ signed by the appropriate officers of the City. The certificate will state that as of the date of the o G m u ELLC�c°i m�✓aa w w m� cLL d L J m v✓ ul U LL Official Statement, it did not and does not as of the date of the certificate contain any untrue O W W 16 IA 01 0)✓ QI 10 d ✓ N m rt] N Ol O) A 01 V Ol 10 01 — ✓ v w > U > d o t 0 E > 2 O w a^z s 0 a m of✓w a > c a > N C Q1-� N✓✓ _a > _ ,n ✓ ° c ✓ ✓ ° v L „ °,N ✓ ~ statement of material fact or omit to state a material fact necessary in order to make the Vl C QI N O O - > O ~ O) N O O O O J O) > QI— > N^ d O Q U Q T�. Q ✓ .. ✓'D ! J r --S] E 0) L 01 M L N N 1 ~ E E ` T J✓ ` a ` ° J ✓ ` d I9 m d m m ` statements made therein in light of the circumstances under which they were made not w c C W o o •o c., In m J 1. L ✓ m - ° L In In L y1 L 0 IO L m O Q1 'u 01 w✓ 01 e0 Ol 1 1 �.n " 10 a=5 Q.- UU ~ „ °r >✓�� °C° misleading. U . V > O.. n J J ..S] V V O) J O✓ 7 0 C W J In V % d QI 01 > OI u1 0 0 0 J m Q G OOmO UC u m v m n J J c L ao E E � c�Ql-<n°o-.ac�a GG � LL III-4 - 3 -