Laserfiche WebLink
• from the Bond Account, as hereinafter provided) the aggregate <br /> o g <br /> amount of principal and interest due and payable from the Bond <br /> Account within the next succeeding 12 months , such excess shall <br /> be used to prepay and redeem Bonds or be invested at a yield <br /> less than or equal to the yield on the Bonds , based upon their <br /> amounts , maturities and interest rates on their date of issue, <br /> computed by the actuarial method. If any additional bonds are <br /> ever issued and made payable from the Bond Account pursuant to <br /> Section 4 . 05 hereof , the dollar amount in the preceding <br /> sentence shall be changed to equal 15 percent of the aggregate <br /> original principal amount of all bonds , including the Bonds , <br /> which are then outstanding and payable therefrom. The City <br /> reserves the right to amend the provisions of this Section 6 . 04 <br /> at any time, whether prior to or after the delivery of the <br /> Bonds , if and to the extent that this Council determines that <br /> the provisions of this Section 6 . 04 are not necessary in order <br /> to ensure that the Bonds are not "arbitrage bonds" within the <br /> meaning of Section 103(c) of the Code and Regulations . <br /> 6 . 05 . Arbitrage Certification. The Mayor and City <br /> Manager , being the officers of the City charged with the <br /> responsibility for issuing the Bonds pursuant to this <br /> resolution, are authorized and directed to execute and deliver <br /> to the purchaser thereof a certificate in accordance with the <br /> • provisions of Section 103(c) of the . Code, and Sections <br /> 1 . 103-13 , 1 . 103-14 and 1 . 103-15 of the Regulations , stating the <br /> facts , estimates and circumstances in existence on the date of <br /> issue and delivery of the Bonds which make it reasonable to <br /> expect that the proceeds of the Bonds will not be used in a <br /> manner that would cause the Bonds to be arbitrage bonds within <br /> the meaning of the Code and Regulations . <br /> Mayor <br /> Attest : <br /> City Clerk <br /> -20- <br />