Laserfiche WebLink
expected to exceed $5,000,000. Therefore, pursuant to Section 148(f)(4)(D) of the Code, the City <br />shall not be required to comply with the arbitrage rebate requirements of paragraphs (2) and (3) of <br />Section 148(f) of the Code. <br />(b) Notwithstanding the provisions of paragraph (a) of this Section 9.03, if the arbitrage <br />rebate provisions of Section 148(f) of the Code apply to the Bonds, the City hereby covenants and <br />agrees to make the determinations, retain records and rebate to the United States the amounts at <br />the times and in the manner required by said Section 148(f) and applicable Regulations. <br />9.04. Reimbursement. The City certifies that the proceeds of the Bonds will not be used <br />by the City to reimburse itself for any expenditure with respect to the Project which the City paid <br />or will have paid more than 60 days prior to the issuance of the Bonds unless, with respect to such <br />prior expenditures, the City shall have made a declaration of official intent which complies with <br />the provisions of Section 1.150-2 of the Regulations, provided that this certification shall not apply <br />(i) with respect to certain de minimis expenditures, if any, with respect to the Project meeting the <br />requirements of Section 1.150-2(f)(1) of the Regulations, or (ii) with respect to "preliminary <br />expenditures" for the Projects as defined in Section 1.150-2(f)(2) of the Regulations, including <br />engineering or architectural expenses and similar preparatory expenses, which in the aggregate do <br />not exceed 20% of the "issue price" of the Bonds. <br />9.05. Qualified Tax -Exempt Obligations. The City Council hereby designates the Bonds <br />as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code relating to the <br />disallowance of interest expense for financial institutions, and hereby finds that the reasonably <br />anticipated amount of tax-exempt obligations (within the meaning of Section 265(b)(3) of the <br />Code) which will be issued by the City and all subordinate entities during calendar year 2024 does <br />not exceed $10,000,000. <br />9.06. Continuing Disclosure (a) Purpose and Beneficiaries. To provide for the public <br />availability of certain information relating to the Bonds and the security therefor and to permit the <br />Purchaser and other participating underwriters in the primary offering of the Bonds to comply with <br />amendments to Rule 15c2-12 promulgated by the SEC under the Securities Exchange Act of 1934 <br />(17 C.F.R. § 240.15c2-12), relating to continuing disclosure (as in effect and interpreted from time <br />to time, the Rule), which will enhance the marketability of the Bonds, the City hereby makes the <br />following covenants and agreements for the benefit of the Owners (as hereinafter defined) from <br />time to time of the outstanding Bonds. The City is the only obligated person in respect of the <br />Bonds within the meaning of the Rule for purposes of identifying the entities in respect of which <br />continuing disclosure must be made. If the City fails to comply with any provisions of this section, <br />any person aggrieved thereby, including the Owners of any outstanding Bonds, may take whatever <br />action at law or in equity may appear necessary or appropriate to enforce performance and <br />observance of any agreement or covenant contained in this section, including an action for a writ <br />of mandamus or specific performance. Direct, indirect, consequential and punitive damages shall <br />not be recoverable for any default hereunder to the extent permitted by law. Notwithstanding <br />anything to the contrary contained herein, in no event shall a default under this section constitute <br />a default under the Bonds or under any other provision of this resolution. As used in this section, <br />Owner or Bondowner means, in respect of the Bonds, the registered owner or owners thereof <br />appearing in the bond register maintained by the Registrar or any Beneficial Owner (as hereinafter <br />defined) thereof, if such Beneficial Owner provides to the Registrar evidence of such beneficial <br />10 <br />