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• the provisions of this Section at any time, whether prior to or after the delivery of the Bonds, if <br /> and to the extent that this Council determines that the provisions of this Section are not necessary <br /> in order to ensure that the Bonds are not"arbitrage bonds"within the meaning of Section 148 of <br /> the Code and Regulations. <br /> 6.06. Arbitrage Certification. The Mayor and the City Manager, being the officers of the <br /> 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 certification in accordance with <br /> the provisions of Section 148 of the Code, and the Regulations, stating the facts, estimates and <br /> circumstances 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 the Code and Regulations. <br /> 6.07. Interest Disallowance. The City hereby designates the Bonds as "qualified tax- <br /> exempt obligations" for purpose of Section 265(b) of the Code relating to the disallowance of <br /> interest expenses for financial institutions. The City represents that in calendar year 2007 it does <br /> not reasonably expect to issue tax-exempt obligations which are not private activity bonds (not <br /> treating qualified 501(c)(3) bonds under Section 145 of the Code as private activity bonds for <br /> purposes of this representation) in an amount in excess of$10,000,000. <br /> 6.08. Official Statement. The Official Statement relating to the Bonds, dated March 15, <br /> 2007, prepared and distributed on behalf of the City by Ehlers & Associates, Inc., is hereby <br /> • approved. Ehlers& Associates, Inc., is hereby authorized of behalf of the City to prepare and <br /> distribute to the Purchaser a supplement to the Official Statement listing the offering price, the <br /> 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 /> -17- <br />