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income under Section 103 of the Code of the interest on the Bonds, including without limitation <br />(a) requirements relating to temporary periods for investments, (b) limitations on amounts <br />invested at a yield greater than the yield on the Bonds, and (c) the rebate of excess investment <br />earnings to the United States, if the Bonds (together with other obligations reasonably expected <br />to be issued and outstanding at one time in this calendar year) exceed the small issuer exception <br />amount of $5,000,000. <br />For purposes of qualifying for the exception to the federal arbitrage rebate requirements <br />for governmental units issuing $5,000,000 or less of bonds, the City hereby finds, determines and <br />declares that (a) the Bonds are issued by a governmental unit with general taxing powers, (b) no <br />Bond is a private activity bond, (c) ninety five percent or more of the net proceeds of the Bonds <br />are to be used for local govemnental activities of the City (or of a governmental unit the <br />jurisdiction of which is entirely within the jurisdiction of the City), and (d) the aggregate face <br />amount of all tax exempt bonds (other than private activity bonds) issued by the City (and all <br />subordinate entities thereof, and all entities treated as one issuer with the City) during the <br />calendar year in which the Bonds are issued and outstanding at one time is not reasonably <br />expected to exceed $5,000,000, all within the meaning of Section 148(f)(4)(D) of the Code. <br />26. Designation of Qualified Tax -Exempt Obligations. In order to qualify the Bonds <br />as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Code, the <br />City hereby makes the following factual statements and representations: <br />(a) the Bonds are issued after August 7,1986; <br />(b) the Bonds are not "private activity bonds" as defined in Section 141 of the Code; <br />(c) the City hereby designates the Bonds as "qualified tax-exempt obligations" for <br />purposes of Section 265(b)(3) of the Code; <br />(d) the reasonably anticipated amount of tax-exempt obligations (other than private <br />activity bonds, treating qualified 501(c)(3) bonds as not being private activity bonds) which will <br />be issued by the City (and all entities treated as one issuer with the City, and all subordinate <br />entities whose obligations are treated as issued by the City) during this calendar year 2009 will <br />not exceed $30,000,000; and <br />(e) not more than $30,000,000 of obligations issued by the City during this calendar <br />year 2009 have been designated for purposes of Section 265(b)(3) of the Code. <br />The City shall use its best efforts to comply with any federal procedural requirements which may <br />apply in order to effectuate the designation made by this paragraph. <br />27. Severability. If any section, paragraph or provision of this resolution shall be held <br />to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, <br />paragraph or provision shall not affect any of the remaining provisions of this resolution. <br />28. Headings. Headings in this resolution are included for convenience of reference <br />only and are not a part hereof, and shall not limit or define the meaning of any provision hereof. <br />2361332x1 20 <br />