Authorize- Issuance of Revenue Bonds $11,960,000

Home Browse Search

, , � � . . affect such exclusion. The City further covenants that it will not make any investment or do any other act or thing during the period that any Tax-Exempt Bond is outstanding hereunder that would cause any Tax-Exempt Bond to be an "arbitrage bond" within the meaning of Section 148 of the Code and the regulations applicable thereto as in effect on the date of delivery of the Tax- Exempt Bonds. The City shall comply with the arbitrage rebate requirements under Section 148 of the Code to the extent applicable; and (d) All officials, officers, members, employees and agents of the City are authorized and directed to provide certifications of facts and estimates that are material to the reasonable expectations of the City as of the date the Tax-Exempt Bonds are issued, to enter into covenants on behalf of the City evidencing the commitments made herein and to do all such other acts necessary or appropriate to carry out this Ordinance, including preparation of and execution of preliminary and final official statements describing the Bonds and matters related thereto. In particular, all or any officials, officers, members, employees and agents of the City are authorized to certify and/or enter into covenants for the City regarding the facts and circumstances and reasonable expectations of the City on the date the Bonds are issued and the commitments made by the City herein regarding the amount and use of the proceeds of the Bonds. SECTION 13. Notwithstanding any other provisions of this Ordinance, the covenants and authorizations contained in this Ordinance ("Ta�c Sections") which are designed to preserve the exclusion of interest on the Tax-Exempt Bonds from gross income under federal law ("Tax Exemption") need not be complied with if the City receives an opinion of nationally recognized bond counsel that any Tax Section is unnecessary to preserve the Tax Exemption. SECTION 14. If, when the Bonds or a portion thereof shall have become due and payable in accordance with their terms or shall have been duly called for redemption or irrevocable instructions to call the Bonds or a portion thereof for redemption shall have been given, and the whole amount of the principal of and interest so due and payable upon all of the Bonds or a portion thereof then outstanding shall be paid or (i) sufficient moneys, or (ii) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America, the principal of and the interest on which when due will provide sufficient moneys for such purpose, (iii) time certificates of deposit of a bank or banks fully secured as to both principal and interest by obligations of the kind described in (ii) above or (iv) any combination of(i), (ii), or(iii) above, the principal of and interest on which when due will provide sufficient moneys for such purpose, shall be held in trust for such purpose, and provision shall also have been made for paying all fees and expenses in connection with the redemption, then and in that case the Bonds or such portion thereof issued hereunder shall no longer be deemed outstanding or an indebtedness of the City. -18-