CC PACKET 12132011 - Laserfiche WebLink

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37 (i) the Prior Bonds qualified for the exception from arbitrage rebate provided by Section 148(f)(4)(D)(i) of the Code; (ii) the aggregate face amount of the Bonds does not exceed $5,000,000; (iii) the average maturity of the Bonds does not exceed the remaining weighted average maturity of the Prior Bonds; and (iv) no Bond has a maturity date which is later than the date which is 30 years after the earliest date the Prior Bonds were issued. Therefore, pursuant to the provisions of Section 148(0(4)(D) of the Code, the City shall not be required to comply with the arbitrage rebate requirements of paragraphs (2) and (3) of Section 148(o of the Code with respect to the Bonds. 7.05. Interest Disallowance. Each of the Prior Bonds is a "qualified tax-exempt obligation" for purposes of Section 265(b) of the Code, the average maturity date of the Bonds is not later than the average maturity date of the Prior Bonds refunded by the Bonds, the Bonds have a maturity date which is not later than the date which is 30 years after the earliest date the Prior Bonds were issued, and the aggregate face amount of the Bonds does not exceed $10,000,000. Therefore, pursuant to Section 265(b)(3)(1))(ii), the Bonds to the extent they do not exceed the principal amount of the Prior Bonds refunded by the I3onds are deemed designated as "qualified tax-exempt obligations" for purposes of Section 265(b) of the Code relating to the disallowance of interest expense for financial institutions. The City hereby designates the principal amount of the Bonds in excess of the Prior Bonds refunded by the Bonds as "qualified tax-exempt obligations" for purpose of Section 265(b) of the Code relating to the disallowance of interest expenses for financial institutions. The City represents that in calendar year 2011 it does not reasonable expect to issue tax-exempt obligations which are not private activity bonds (not treating qualified 501(c)(3) bonds under Section 145 of the Code as private activity bonds for purposes of this representation) in an amount in excess of $10,000,000, excluding any tax-exempt obligations which are refundings of a "qualified tax-exempt obligation" which are not taken into account for this purpose under Section 265(b)(3)(D)(ii) of the Code. 7.06. Official Statement. The Official Statement relating to the Bonds, dated December 1, 2011, prepared and distributed on behalf of the City by Ehlers & Associates, Inc., is hereby approved. Ehlers & Associates, Inc., is hereby authorized of behalf of the City to prepare and distribute to the Purchaser a supplement to the Official Statement listing the offering price, the interest rates, other information relating to the Bonds required to be included in the Official Statement by Rule 15c2-12 adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934. Within seven business days from the date hereof, the City shall deliver to the Purchaser 30 copies of the Official Statement and such supplement. "the officers of the City are hereby authorized and directed to execute such certificates as may be appropriate concerning the accuracy, completeness and sufficiency of the Official Statement. The officers of the City are hereby authorized and directed to execute such certificates as may be appropriate concerning the accuracy, completeness and sufficiency of the Official Statement. -14-