My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
CC RES 03-083 A RESOLUTION RELATING TO $585, 000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2003D; AUTHORIZING THE ISSUANCE, AWARDING THE SALE, FIXING THE FORM AND DETAILS, PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND THE SECURITY THEREFOR AND LEV
StAnthony
>
City Council
>
City Council Resolutions
>
2003
>
CC RES 03-083 A RESOLUTION RELATING TO $585, 000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2003D; AUTHORIZING THE ISSUANCE, AWARDING THE SALE, FIXING THE FORM AND DETAILS, PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND THE SECURITY THEREFOR AND LEV
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
4/19/2016 4:00:13 PM
Creation date
4/19/2016 4:00:08 PM
Metadata
Fields
SP Box #
31
SP Folder Name
RES 2003
SP Name
CC RES 03-083 A RESOLUTION RELATING TO $585, 000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2003D; AUTHORIZING THE ISSUANCE, AWARDING THE SALE, FIXING THE FORM AND DETAILS, PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND THE SECURITY THEREFOR AND LEV
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
26
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
a certificate that the Bonds have been entered on his bond register and that the tax required for <br /> • the payment thereof has been levied and filed as required by law. <br /> 7.02. Certification of Proceedings. The officers of the City and the County <br /> Auditors of Hennepin and Ramsey Counties are hereby authorized and directed to prepare and <br /> furnish to the Purchaser, and to Dorsey& Whitney LLP, Bond Counsel, certified copies of all <br /> proceedings and records of the City, and such other affidavits, certificates and information as <br /> may be required to show the facts relating to the legality and marketability of the Bonds as the <br /> same appear from the books and records under their custody and control or as otherwise known <br /> to them, and all such certified copies, certificates and affidavits, including any heretofore <br /> furnished, shall be deemed representations of the City as to the facts recited therein. <br /> 7.03. Covenant. The City covenants and agrees with the holders from time to <br /> time of the Bonds that it will not take or permit to be taken by any of its officers, employees or <br /> agents any action which would cause the interest on the Bonds to become subject to taxation <br /> under the Internal Revenue Code of 1986, as amended (the "Code"), and Regulations <br /> promulgated thereunder(the "Regulations"), as such are enacted or promulgated and in effect on <br /> the date of issue of the Bonds, and covenants to take any and all actions within its powers to <br /> ensure that the interest on the Bonds will not become subject to taxation under such Code and <br /> Regulations. The Improvements financed with the Refunded Bonds and any other improvements <br /> financed pursuant to Section 5.01 will be owned and maintained by the City and available for use <br /> by members of the general public on a substantially equal basis. The City shall not enter into <br /> any lease, use or other agreement with any non-governmental person relating to the use of such <br /> • improvements or security for the payment of the Bonds which might cause the Bonds to be <br /> considered "private activity bonds" or"private loan bonds" within the meaning of Section 141 of <br /> the Code. <br /> 7.04. Arbitrage Rebate. The City shall take actions as are required to comply <br /> with the arbitrage rebate requirements of paragraphs (2) and(3) of Section 148(f) of the Code. <br /> 7.05. Arbitrage Certification. The Mayor and City Manager, being the officers of <br /> the City charged 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 accordance with <br /> the provisions of Section 148 of the Code,and Section 1.148-2(b)(2) of the Regulations, stating <br /> the facts and estimates in existence on the date of issue and delivery of the Bonds which make it <br /> reasonable to expect that the proceeds of the Bonds will not be used in a manner that would <br /> cause the Bonds to be arbitrage bonds within the meaning of said Code and Regulations. <br /> 7.06. 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 2003 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 /> • -14- <br />
The URL can be used to link to this page
Your browser does not support the video tag.