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Authorize- Issuance of Revenue Bonds $11,960,000
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Authorize- Issuance of Revenue Bonds $11,960,000
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Last modified
3/21/2011 3:56:49 PM
Creation date
3/21/2011 3:56:47 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
4/28/1997
Ord-Res Number
8778-97
Bill Number
34-97
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, , <br /> � � . . <br /> affect such exclusion. The City further covenants that it will not make any <br /> investment or do any other act or thing during the period that any Tax-Exempt <br /> Bond is outstanding hereunder that would cause any Tax-Exempt Bond to be an <br /> "arbitrage bond" within the meaning of Section 148 of the Code and the <br /> regulations applicable thereto as in effect on the date of delivery of the Tax- <br /> Exempt Bonds. The City shall comply with the arbitrage rebate requirements <br /> under Section 148 of the Code to the extent applicable; and <br /> (d) All officials, officers, members, employees and agents of the City <br /> are authorized and directed to provide certifications of facts and estimates that are <br /> material to the reasonable expectations of the City as of the date the Tax-Exempt <br /> Bonds are issued, to enter into covenants on behalf of the City evidencing the <br /> commitments made herein and to do all such other acts necessary or appropriate <br /> to carry out this Ordinance, including preparation of and execution of preliminary <br /> and final official statements describing the Bonds and matters related thereto. In <br /> particular, all or any officials, officers, members, employees and agents of the City <br /> are authorized to certify and/or enter into covenants for the City regarding the <br /> facts and circumstances and reasonable expectations of the City on the date the <br /> Bonds are issued and the commitments made by the City herein regarding the <br /> amount and use of the proceeds of the Bonds. <br /> SECTION 13. Notwithstanding any other provisions of this Ordinance, the <br /> covenants and authorizations contained in this Ordinance ("Ta�c Sections") which are designed to <br /> preserve the exclusion of interest on the Tax-Exempt Bonds from gross income under federal law <br /> ("Tax Exemption") need not be complied with if the City receives an opinion of nationally <br /> recognized bond counsel that any Tax Section is unnecessary to preserve the Tax Exemption. <br /> SECTION 14. If, when the Bonds or a portion thereof shall have become due and <br /> payable in accordance with their terms or shall have been duly called for redemption or <br /> irrevocable instructions to call the Bonds or a portion thereof for redemption shall have been <br /> given, and the whole amount of the principal of and interest so due and payable upon all of the <br /> Bonds or a portion thereof then outstanding shall be paid or (i) sufficient moneys, or (ii) direct <br /> obligations of, or obligations the principal of and interest on which are unconditionally guaranteed <br /> by, the United States of America, the principal of and the interest on which when due will <br /> provide sufficient moneys for such purpose, (iii) time certificates of deposit of a bank or banks <br /> fully secured as to both principal and interest by obligations of the kind described in (ii) above <br /> or (iv) any combination of(i), (ii), or(iii) above, the principal of and interest on which when due <br /> will provide sufficient moneys for such purpose, shall be held in trust for such purpose, and <br /> provision shall also have been made for paying all fees and expenses in connection with the <br /> redemption, then and in that case the Bonds or such portion thereof issued hereunder shall no <br /> longer be deemed outstanding or an indebtedness of the City. <br /> -18- <br />
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