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Code. References to the Code herein include all <br /> regulations, amended regulations and proposed regulations <br /> issued thereunder as now existing or as hereafter amended <br /> or proposed. The Issuer represents and covenants that the <br /> capital equipment financed by the issuance of the <br /> Obligations will be owned by the Issuer and used in its <br /> municipal operations. The Issuer will not enter into any <br /> lease or other agreement respecting the equipment which <br /> would cause the Obligations to be considered "private <br /> activity bonds" or "private loan bonds" pursuant• to Section <br /> 141 of the Code. <br /> (b) The Mayor and the Manager being the officers of <br /> the Issuer charged with the responsibility for issuing the <br /> Obligations pursuant to this resolution, are authorized and <br /> directed to execute and deliver to the Purchaser a <br /> certificate in order to satisfy the provisions of Section <br /> 148 of the Code and the Regulations . <br /> Section 9 . Arbitrage Rebate Exemption. It is hereby <br /> found that the Issuer has general taxing powers, that no <br /> Obligation is a "private activity bond" within the meaning of <br /> Section 141 of the Code, that 95% or more of the net proceeds <br /> of the Obligations are to be used for local governmental <br /> activities of the Issuer, and that the aggregate face amount of <br /> all tax-exempt obligations (other than private activity bonds) <br /> issued by or on behalf of the Issuer and all subordinate <br /> entities thereof during the year 1990 is not reasonably <br /> expected to exceed $5, 000,000 . Therefore, pursuant to the <br /> provisions of Section 148(f) (4) (C) of the Code, the Issuer <br /> shall not be required to comply with the arbitrage rebate <br /> requirements of paragraphs (2) and (3) of Section 148(f) of the <br /> Code. <br /> Section 10 . Qualified Tax-Exempt Obligations . This <br /> Council hereby designates the Obligations as "qualified <br /> tax-exempt obligations" for purposes of Section 265(b) (3) of <br /> the Code relating to the deductibility of certain interest <br /> expenses of financial institutions, and hereby finds that the <br /> reasonably anticipated amount of qualified "tax-exempt <br /> obligations" (within the meaning of Section 265(b) (3) of the <br /> Code) which will be issued by or on behalf of the Issuer and <br /> all subordinate entities thereof during calendar year 1990 does <br /> not exceed $10, 000, 000 . <br /> • <br /> -13- <br />