Laserfiche WebLink
• <br /> that it will take, or it will cause its officers , employees or <br /> agents to take, all affirmative actions within its powers which <br /> may be necessary to insure that such interest will not become <br /> subject to taxation under the Code. So long as the Bonds are <br /> outstanding , the Issuer will continue to own and operate the <br /> System as a public utility for use by the general public on a <br /> substantially equal basis and will not enter into any lease, or <br /> any use, management , output or other contract, with any user or <br /> customer of the System which would cause the Bonds to be <br /> considered "private activity bonds" or "private loan bonds" <br /> pursuant to Section 141 of the Code. <br /> Section 12 . Arbitrage Rebate Exemption. It is hereby <br /> / found that the Issuer has general taxing powers , that no Bond <br /> is a "private activity bond" within the meaning of Section 141 <br /> of the Code, that 95% or more of the net proceeds of the Bonds <br /> are to be used for local government activities of the Issuer , <br /> and that the aggregate face amount of all tax-exempt <br /> obligations (other than private activity bonds) issued by the <br /> Issuer and all subordinate entities thereof during the year <br /> 1988 is not reasonably expected to exceed $5 , 000 , 000 . <br /> Therefore, pursuant to the provisions of Section 148(f) (4) (C) <br /> of the Code, the Issuer shall not be required to comply with <br /> • the arbitrage rebate requirements of paragraphs (2) and (3) of <br /> Section 148(f) of the Code. <br /> Section 13 . Qualified Tax-Exempt Obligations . In <br /> order to enhance the marketability of the Bonds , and since the <br /> Issuer (-including any subordinate entities) does not reasonably <br /> expect to issue in excess of $10, 000,, 000 of governmental and <br /> qualified 501(c) (3) bonds in calendar year 1988 , the Bonds are <br /> hereby designated by the Issuer as "Qualified Tax-Exempt <br /> Obligations" for the purposes of Section 265 of the Code <br /> relating to the proposed disallowance of interest expense for <br /> financial institutions . <br /> mayor <br /> Attest <br /> Clerk <br /> -14- <br />