CC PACKET 05282003 - Laserfiche WebLink

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relating to the use of all or a portion of the Facilities or security for the payment of the Bonds which might cause the Bonds to be considered "private activity bonds"or"private loan bonds" pursuant to Section 141 of the Code. 7.02. Certification. The Chair and Secretary/Treasurer, being•the officers of the Authority 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 Section 148 of the Code, and applicable Regulations, stating the facts, estimates and circumstances in existence on the date of issue and delivery of the Bonds which make it reasonable to expect that the proceeds of the Bonds will not be used in a manner that would cause the Bonds to be "arbitrage bonds"within the meaning of the Code and Regulations. 7.03. Arbitrage Rebate. The Authority acknowledges that the Bonds are subject to the rebate requirements of Section 148(f) of the Code. The Authority covenants and agrees to retain such records, make such determinations, file such reports and documents and pay such amounts at such times as are required under said Section 148(f) and applicable Regulations to preserve the exclusion of interest on the Bonds from gross income for federal income tax purposes. 7.04. Qualified Tax-Exempt Obligations. In order to enhance the marketability of the Bonds, and since the Authority and all subordinate entities do not reasonably expect to issue in excess of$10,000,000 of governmental and qualified 501(c)(3)bonds during calendar year 2003, the Bonds are hereby designated by the Authority as "qualified tax-exempt obligations" for the purposes of Section 265(b) of the Code. 7.05. Reimbursement. The Authority certifies that the proceeds of the Bonds will not be used by the Authority to reimburse itself for any expenditure with respect to the Facilities which the Authority paid or will have paid more than 60 days prior to the issuance of the Bonds unless, with respect to such prior expenditures, the Authority shall have made a declaration of official intent which complies with the provisions of Section 1.150-2 of the Regulations; provided that this certification shall not apply (i) with respect to certain de minimis expenditures, if any, with respect to the Facilities meeting the requirements of Section 1.150-2(f)(1) of the Regulations, or (ii) with respect to "preliminary expenditures" for the City Hall and Public Safety Facility as defined in Section 1.150-2(f)(2) of the Regulations, including engineering or architectural expenses and similar preparatory expenses, which in the aggregate do not exceed 20% of the "issue price" of the Bonds. Upon vote being taken thereon, the following voted in favor thereof. and the following voted against the same: whereupon the Resolution was declared duly passed and adopted. -4-