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• resolution, are authorized and directed to execute and deliver to the Purchaser a certification in <br /> accordance with the provisions of Section 148 of the Code, and the Regulations, stating the facts, <br /> estimates and circumstances in existence on the date of issue and delivery of the Bonds which <br /> make it reasonable to expect 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 Regulations. <br /> 6.06. Interest Disallowance. The City hereby designates the Bonds as"qualified <br /> tax—exempt obligations"for purpose of Section 265(b) of the Code relating to the disallowance <br /> of interest expenses for financial institutions. The City represents that in calendar year 2001 it <br /> does not reasonably expect to issue tax—exempt obligations which are not private activity bonds <br /> (not treating qualified 501(c)(3) bonds under Section 145 of the Code as private activity bonds <br /> for purposes of this representation)in an amount in excess of$10,000,000. <br /> 6.07. Official Statement. The Official Statement relating to the Bonds, dated <br /> March 13, 2001,prepared and distributed on behalf of the City by Springsted Incorporated, is <br /> hereby approved. Springsted Incorporated, is hereby authorized of behalf of the City to prepare <br /> and distribute to the Purchaser a supplement to the Official Statement listing the offering price, <br /> the interest rates, other information relating to the Bonds required to be included in the Official <br /> Statement by Rule 15c2-12 adopted by the Securities and Exchange Commission under the <br /> Securities Exchange Act of 1934. Within seven business days from the date hereof,the City <br /> shall deliver to the Purchaser 30 copies of the Official Statement and such supplement. The <br /> officers of the City are hereby authorized and directed to execute such certificates as may be <br /> • appropriate concerning the accuracy, completeness and sufficiency of the Official Statement. <br /> The officers of the City are hereby authorized and directed to execute such certificates as may be <br /> appropriate concerning the accuracy, completeness and sufficiency of the Official Statement. <br /> Section 7. Continuing Disclosure <br /> (a) Purpose and Beneficiaries. To provide for the public availability of certain <br /> information relating to the Bonds and the security therefor and to permit the original purchaser <br /> and other participating underwriters in the primary offering of the Bonds to comply with <br /> amendments to Rule 15c2-12 promulgated by the Securities and Exchange Commission(the <br /> "SEC") under the Securities Exchange Act of 1934 (17 C.F.R. § 240.15c2-12),relating to <br /> continuing disclosure (as in effect and interpreted from time to time,the"Rule"), which will <br /> enhance the marketability of the Bonds, the City hereby makes the following covenants and <br /> agreements for the benefit of the Owners (as hereinafter defined) from time to time of the <br /> Outstanding Bonds. The City is the only"obligated person" in respect of the Bonds within the <br /> meaning of the Rule for purposes of identifying the entities in respect of which continuing <br /> disclosure must be made. <br /> If the City fails to comply with any provisions of this Section 7, any person <br /> aggrieved thereby, including the Owners of any Outstanding Bonds,may take whatever action at <br /> law or in equity may appear necessary or appropriate to enforce performance and observance of <br /> any agreement or covenant contained in this Section 7, including an action for a writ of <br /> • mandamus or specific performance. Direct, indirect, consequential and punitive damages shall <br /> not be recoverable for any default hereunder to the extent permitted by law. Notwithstanding <br /> -17- <br />