Laserfiche WebLink
thereunder(the "Regulations") as are enacted or promulgated and in effect on the date of <br /> issuance of the Bonds, and covenants to take any and all actions within its powers to ensure that <br /> the interest on the Bonds will not become includable in gross income of the recipient under the <br /> Code and the Regulations. The facilities financed by the Bonds shall at all times during the term <br /> of the Bonds be owned and maintained by the City and the City shall not enter into any lease, use <br /> agreement, management agreement, capacity agreement or other agreement or contract with any <br /> nongovernmental person relating to the use of the facilities financed by the Bonds, or security for <br /> the payment of the Bonds which might cause the Bonds to be considered "private activity bonds" <br /> or"private loan bonds" pursuant to Section 141 of the Code. <br /> Arbitrage Rebate. The City shall take such actions required to comply with the arbitrage <br /> rebate requirements of paragraphs (2) and (3) of Section 148(f) of the Code with respect to the <br /> Bonds. <br /> 6.04. Interest Disallowance. The Prior Bonds are a "qualified tax-exempt obligation" <br /> for purposes of Section 265(b) of the Code, the average maturity date of the Bonds is not later <br /> than the average maturity date of the Prior Bonds refunded by the Bonds, the Bonds have a <br /> maturity date which is not later than the date which is 30 years after the earliest date the Prior <br /> Bonds were issued, and the aggregate face amount of the Bonds does not exceed $10,000,000. <br /> Therefore, pursuant to Section 265(b)(3)(D)(ii), the Bonds to the extent they do not exceed the <br /> principal amount of the Prior Bonds refunded by the Bonds are deemed designated as "qualified <br /> tax-exempt obligations" for purposes of Section 265(b) of the Code relating to the disallowance <br /> of interest expense for financial institutions. The City hereby designates the principal amount of <br /> the Bonds in excess of the Prior Bonds refunded by the Bonds as "qualified tax-exempt <br /> obligations" for purpose of Section 265(b) of the Code relating to the disallowance of interest <br /> expenses for financial institutions. The City represents that in calendar year 2013 it does not <br /> reasonable 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, excluding any tax- <br /> exempt obligations which are refundings of a "qualified tax-exempt obligation" which are not <br /> taken into account for this purpose under Section 265(b)(3)(D)(ii) of the Code. <br /> 6.05. Official Statement. The Official Statement relating to the Bonds, dated <br /> November 29, 2012, prepared and distributed on behalf of the City by Ehlers & Associates, Inc., <br /> is hereby approved. Ehlers & Associates, Inc., is hereby authorized of behalf of the City to <br /> prepare and distribute to the Purchaser a supplement to the Official Statement listing the offering <br /> price, the interest rates, other information relating to the Bonds required to be included in the <br /> Official Statement by Rule 15c2-12 adopted by the Securities and Exchange Commission under <br /> the 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 /> -16- <br />