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• (iv) the aggregate face amount of all tax-exempt bonds (other than <br /> Private Activity Bonds) issued by the City in calendar year 1987 <br /> did not exceed $5,000,000; and <br /> (v) the average maturity of the Bonds does not exceed the average <br /> maturity of the Refunded Bonds. <br /> 6.06. Interest Disallowance. The City hereby designates the Bonds as <br /> "qualified tax-exempt obligations" for purpose of Section 265(b) of the Code relating <br /> to the disallowance of interest expenses for financial institutions. The City <br /> represents that in calendar year 1992 it does not reasonably expect to issue <br /> tax-exempt obligations which are not private activity bonds (not treating qualified <br /> 501(c)(3) bonds under Section 145 of the Code as private activity bonds for purposes <br /> of this representation) in an amount in excess of $10,000,000. <br /> 6.07 Official Statement. The Official Statement, dated August 11, 1992, <br /> relating to the Bonds is hereby approved. The officers of the City are hereby <br /> authorized and directed to execute such certificates as may be appropriate concerning <br /> the accuracy, completeness and sufficiency of the Official Statement. <br /> 6.08. Redemption of Refunded Bonds. The Refunded Bonds shall be <br /> called for redemption on January 1, 1993, and the City Manager is authorized and <br /> directed to take all steps necessary to provide for such redemption. <br /> Dated: August 25, 1992. <br /> Mayor <br /> Attest: <br /> ty Clerk <br /> The motion for the adoption of the foregoing resolution was duly <br /> seconded by Councilmember Fleming and upon vote being taken thereon, <br /> the following Councilmembers voted in favor thereof: <br /> Marks , Fleming, Enrooth, Ranallo, and Wagner <br /> -14- <br />