Laserfiche WebLink
�i <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 2001 will <br />not exceed $10,000,000; and <br />(e) not more than $10,000,000 of obligations issued by the City during this calendar <br />year 2001 have been designated for purposes of Section 265(b)(3) of the Code. <br />28. The City shall use its best efforts to comply with any federal procedural <br />requirements which may apply in order to effectuate the designation made by this paragraph. <br />29. Payment of Issuance Expenses. The City authorizes the purchaser to forward the <br />amount of Bond proceeds allocable to the payment of issuance expenses to U.S. Trust Company, <br />Minneapolis, Minnesota on the closing date. for further distribution as directed by the City's <br />financial advisor, Ehlers. <br />30:'a erabilit . 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 />31. 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 />The motion for the adoption of the foregoing resolution was duly seconded by member <br />Mike Granger and, after a full discussion thereof and upon a vote being taken thereon, <br />the following voted in favor thereof. <br />Mike Granger, Becky Petryk, Frank Puleo, Fran Miron <br />and the following voted against the same: NONE <br />Whereupon the resolution was declared duly passed and adopted. <br />f <br />a on, Mayor <br />ATTEST- <br />Micliael A. Ericson, City Administrator <br />1314267 1 21 <br />