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(2) All issuance costs connected with the Bonds will be paid by the <br /> • Issuer from its own funds and not from the proceeds of the Bonds; <br /> (3) The Refunded Bonds were issued prior to August 16, 1986 and <br /> therefore are "qualified bonds" as defined in Section 1313(a)(2); and <br /> (4) The amount of the Bonds does not exceed the outstanding <br /> amount of the Refunded Bonds and each Bond has a maturity date no later than 17 <br /> years from the date of issue of the Refunded Bonds. <br /> (b) The Mayor and Manager being the officers of the Issuer charged <br /> with the responsibility for issuing the Bonds pursuant to this Resolution, are <br /> authorized and directed to execute and deliver to the Purchaser a certificate in <br /> accordance with the provisions of Section 148 of the Code, and Sections 1.103-13, <br /> 1.103-14 and 1.103-15 of the Regulations, stating that on the basis of facts, estimates <br /> and circumstances in existence on the date of issue and delivery of the Bonds, it is <br /> reasonably expected that the proceeds of the Bonds will not be used in a manner that <br /> would cause the Bonds to be arbitrage bonds within the meaning of the Code and <br /> the applicable regulations. <br /> Section 10. Arbitrage Rebate Exemption. It is hereby found and <br /> determined that the Bonds qualify for the "small issuer" exemption from arbitrage <br /> rebate set forth in Section 148(f)(4)(C)(i) of the Code, as modified by Sections <br /> • 148(f)(4)(C)(v) and (vi) of the Code. <br /> Section 11. Qualified Tax-Exempt Obligations. The City Council hereby <br /> designates the Bonds as "qualified tax-exempt obligations" for purposes of Section <br /> 265(b)(3) of the Code relating to the disallowance of interest expense for financial <br /> institutions, and hereby finds that the reasonably anticipated amount of qualified <br /> tax-exempt obligations (within the meaning of Section 265(b)(3) of the Code) which <br /> will be issued by the Issuer and all subordinate entities during calendar year 1991 <br /> does not exceed $10,000,000. <br /> Section 12. Official Statement. The Official Statement relating to the <br /> Bonds, dated December 4, 1990, prepared and delivered on behalf of the Issuer by <br /> Springsted Incorporated, is hereby approved, and the officers of the Issuer are hereby <br /> authorized and directed to execute such certificates as may be appropriate concerning <br /> the accuracy, completeness and sufficiency thereof. <br /> -13- <br />