2007.09.17 RESO 2007-0052 - Laserfiche WebLink

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(a) the Bonds are issued after August 7,1986; (b) the Bonds are not "private activity bonds" as defined in Section 141 of the Code; (c) the City hereby designates the Bonds as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code; (d) the reasonably anticipated amount of tax-exempt obligations (other than private activity bonds, treating qualified 501(c)(3) bonds as not being private activity bonds) which will be issued by the City (and all entities treated as one issuer with the City, and all subordinate entities whose obligations are treated as issued by the City) during this calendar year 2007 will not exceed $10,000,000; and (e) not more than $10,000,000 of obligations issued by the City during this calendar year 2007 have been designated for purposes of Section 265(b)(3) of the Code. The City shall use its best efforts to comply with any federal procedural requirements which may apply in order to effectuate the designation made by this paragraph. 27. Severability. If any section, paragraph or provision of this resolution shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this resolution. 28. Headings. Headings in this resolution are included for convenience of reference only and are not a part hereof, and shall not limit or define the meaning of any provision hereof. The motion for the adoption of the foregoing resolution was made by Haas, duly seconded by member Puleo and, after a full discussion thereof and upon a vote being taken thereon, the following voted in favor thereof: Miron, Haas, and Puleo. and the following voted against the same: None. and the following abstained: Petryk. Whereupon the resolution was declared duly passed and adopted this 17th day of September, 2007.