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(i) the Prior Bonds qualified for the exception from arbitrage rebate provided <br /> by Section 148(f)(4)(D)(i) of the Code; <br /> (ii) the aggregate face amount of the Bonds does not exceed $5,000,000; <br /> (iii) the average maturity of the Bonds does not exceed the remaining weighted <br /> average maturity of the Prior Bonds; and <br /> (iv) no Bond has a maturity date which is later than the date which is 30 years <br /> after the earliest date the Prior Bonds were issued. <br /> Therefore, pursuant to the provisions of Section 148(f)(4)(D) 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 with respect to the Bonds. <br /> 7.05. Interest Disallowance. Each of the Prior Bonds is a "qualified tax-exempt <br /> obligation" for purposes of Section 265(b) of the Code, the average maturity date of the Bonds is <br /> not later than the average maturity date of the Prior Bonds refunded by the Bonds, the Bonds <br /> have a maturity date which is not later than the date which is 30 years after the earliest date the <br /> Prior Bonds were issued, and the aggregate face amount of the Bonds does not exceed <br /> $10,000,000. Therefore, pursuant to Section 265(b)(3)(D)(ii), the Bonds to the extent they do <br /> not exceed the principal amount of the Prior Bonds refunded by the Bonds are deemed <br /> designated as "qualified tax-exempt obligations" for purposes of Section 265(b) of the Code <br /> relating to the disallowance of interest expense for financial institutions. The City hereby <br /> designates the principal amount of the Bonds in excess of the Prior Bonds refunded by the Bonds <br /> as "qualified tax-exempt obligations" for purpose of Section 265(b) of the Code relating to the <br /> disallowance of interest expenses for financial institutions. The City represents that in calendar <br /> year 2011 it does not reasonable expect to issue tax-exempt obligations which are not private <br /> activity bonds (not treating qualified 501(c)(3) bonds under Section 145 of the Code as private <br /> activity bonds for purposes of this representation) in an amount in excess of$10,000,000, <br /> excluding any tax-exempt obligations which are refundings of a "qualified tax-exempt <br /> obligation' which are not taken into account for this purpose under Section 265(b)(3)(D)(ii) of <br /> the Code. <br /> 7.06. Official Statement. The Official Statement relating to the Bonds, dated <br /> December 1, 2011, prepared and distributed on behalf of the City by Ehlers & Associates, Inc., is <br /> hereby approved. Ehlers & Associates, Inc., 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 /> -14- <br />