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CC RES 07-033 RESOLUTION RELATING TO $2,050,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2007A; AWARDING THE SALE, FIXING THE FORM AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR AND LEVYING AD VALOREM TAXES FOR
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CC RES 07-033 RESOLUTION RELATING TO $2,050,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2007A; AWARDING THE SALE, FIXING THE FORM AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR AND LEVYING AD VALOREM TAXES FOR
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RES 2007
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CC RES 07-033 RESOLUTION RELATING TO $2,050,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2007A; AWARDING THE SALE, FIXING THE FORM AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR AND LEVYING AD VALOREM TAXES FOR
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Purchaser and to Dorsey& Whitney LLP, Bond Counsel to the City, 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 /> 6.03. Covenant. The City covenants and agrees with the holders from time to time of the <br /> Bonds that it will not take or permit to be taken by any of its officers, employees or agents any <br /> action which would cause the interest on the Bonds to become subject to taxation under the <br /> Internal Revenue Code of 1986, as amended (the "Code"), and Regulations promulgated <br /> thereunder(the "Regulations"), as such are enacted or promulgated and in effect on the date of <br /> issue of the Bonds, and covenants to take any and all actions within its powers to ensure that the <br /> interest on the Bonds will not become subject to taxation under such Code and Regulations. The <br /> Improvements are public improvements available for use by members of the general public on a <br /> substantially equal basis. The City will not enter into any lease, use agreement or other contract <br /> respecting the Improvements which would cause the Bonds to be considered "private activity <br /> bonds" or"private loan bonds" pursuant to Section 141 of the Code. <br /> 6.04. Arbitrage Rebate. For purposes of complying with the requirements of Section <br /> 148(f)(4)(C) of the Code relating to the exemption of certain small governmental units from the <br /> rebate requirements of the Code, the City represents that: <br /> (i) the City is a governmental unit with general taxing powers; <br /> (ii) the Bonds are not"private activity bonds" as defined in Section 141 of the Code <br /> (Private Activity Bonds); <br /> (iii) ninety-five percent of the net proceeds of the Bonds are to be used for the local <br /> governmental purposes of the City; and <br /> (iv) the aggregate face amount of all tax-exempt bonds (other than Private Activity <br /> Bonds) issued by the City in calendar year in which the Bonds are to be issued is <br /> not reasonably expected to exceed $5,000,000. <br /> Therefore, pursuant to the provisions of Section 148(f)(4)(C) of the Code, the City shall <br /> not be required to comply with the arbitrage rebate requirements of paragraphs (2) and (3) of <br /> Section 148(f) of the Code. <br /> 6.05. Investment of Mone,, o�posit in the Bond Fund. The Finance Director shall <br /> ascertain monthly the amount on deposit in the Bond Fund. If the amount on deposit therein ever <br /> exceeds the aggregate amount of principal and interest due and payable from the Bond Fund <br /> through the next following February 1 plus a reasonable carryover as permitted by the <br /> Regulations, such excess shall be used to prepay and redeem Bonds or be invested at a yield less <br /> than or equal to the yield on the Bonds, based upon their amounts, maturities and interest rates <br /> on their date of issue, computed by the actuarial method. The City reserves the right to amend <br /> -16- <br />
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