1998.08.17 RESO 1998-0029 - Laserfiche WebLink

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7. Modifications to Documents. The approval hereby given to the various documents referred to above includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the City Attorney and the City officials authorized herein to execute said documents. Said City officials are hereby authorized to approve said changes on behalf of the City. The execution of any instrument by the appropriate officer or officers of the City herein authorized shall be conclusive evidence of the approval of such documents in accordance with the terms hereof. In the absence of the Mayor or Clerk -Treasurer, any of the documents authorized by this resolution to be executed may be executed by the Acting Mayor or the Acting Clerk -Treasurer respectively. 8. Finding. The City hereby finds, determines and declares that (1) the Authority is issuing its Bonds on behalf of the City within the meaning of Section 148(f)(4)(C)(iv) of the federal Internal Revenue Code of 1986, as amended (the "Code"), (2) the Authority is therefore treated as a subordinate entity of the City for purposes of such Section, and (3) the aggregate face amount of the Bonds does not exceed the lesser of $5,000,000 or the amount which, when added to the aggregate amount of other issues issued by the Authority in 1998, is allocated to the Authority in paragraph 9 of this resolution. 9. Allocation. The City hereby allocates to the Authority a $1,165,000 portion of the City's $5,000,000 limitation under Section 148 (f) (4) (C) (i) (IV) of the Code on the aggregate face amount of tax-exempt bonds (other than private activity bonds) issued by the City during the calendar year 1998. Such allocation is made solely with respect to the Bonds, is irrevocable and is made before the issuance of the Bonds. Said $1,165,000 allocated to the Authority bears a reasonable relationship to the benefits received by the City from the Bonds issued by the Authority, because the Bonds finance the Project to be located in, leased to, and used by the City. The Authority shall accept this allocation by issuing its Bonds and making a statement in its Nonarbitrage Certificate relating to the Bonds. 10. =regation. The City and Authority will be aggregated and treated as one issuer for purposes of said $5,000,000 limitation, and together will not issue in 1998 more than $5,000,000 aggregate face amount of all tax-exempt bonds (other than private activity bonds). 11. Continuing Disclosure. (a) The City is the sole obligated person with respect to the Bonds. The City hereby agrees, in accordance with the provisions of Rule 15c2-12 (the "Rule"), promulgated by 965985.1 3