2000.11.06 RESO 2000-0044 - Laserfiche WebLink

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25. Records and Certificates. The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser, and to the attorneys approving the legality of the issuance of the Bonds, certified copies of all proceedings and records of the City relating to the Bonds and to the financial condition and affairs of the City, and such other affidavits, certificates and information as are required to show the facts relating to the legality and marketability of the Bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. 26. Negative Covenants as to Use of Proceeds and Improvements. The City hereby covenants not to use the proceeds of the Bonds or to use the Improvements originally financed by the 1998B Bonds, or to cause or permit them to be used, or to enter into any deferred payment arrangements for the cost of the Improvements, in such a manner as to cause the Bonds to be "private activity bonds" within the meaning of Sections 103 and 141 through 150 of the Code. The City hereby covenants not use the proceeds of the Bonds in such a manner as to cause the Bonds to be "hedge bonds" within the meaning of Section 149(g) of the Code. 27. Conditions Prior to Issuance of Definitive Bonds. It is hereby found, determined and declared that all conditions exist precedent to the issuance of definitive bonds in an amount equal at least to the principal sum of the Bonds. 28. Tax -Exempt Status of the Bonds: Rebate. The City shall comply with requirements necessary under the Code to establish and maintain the exclusion from gross income under Section 103 of the Code of the interest on the Bonds, including without limitation (1) requirements relating to temporary periods for investments, (2) limitations on amounts invested at a yield greater than the yield on the Bonds, and (3) the rebate of excess investment earnings to the United States, if the Bonds (together with other obligations reasonably expected to be issued and outstanding at one time in this calendar year) exceed then small -issuer exception amount of $5,000,000. For purposes of qualifying for the exception to the federal arbitrage rebate requirements for governatental units issuing $5,000,000 or less of bonds, the City hereby finds, determines. and declares that (1)'the Bonds pare -issued by a governmental unit with general taxing powers, (2) no Bond is a private activity bond,.(3)_ninety-five percent (95%) or more of the net proceeds of the Bonds are to be used for local governmental activities of the City (or of a governmental -unit the jurisdiction of which is entirely within the jurisdiction of -the City), -and (4) the aggregate face amount of all, tax-exempt bonds (other -than private activity bonds) issued by the -City (and all.iubordinate-entities thereon and all entities treated as one-issuer.with the City) during. the calendar year in which the Bonds are issued and outstanding 'at one time is, not. reasonably expected to exceed $5,000,000, all within the meaning ofSection * 148(f)(4)(D) of the Code. 1222136.1 22