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No. 1065 amending Resolution No. 1054 and amending the resolutions unbder which tax incremnent bonds are outstanding
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No. 1065 amending Resolution No. 1054 and amending the resolutions unbder which tax incremnent bonds are outstanding
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Bonds, the Commission represents, covenants and agrees that, unless <br />the Commission receives an opinion of nationally recognized bond <br />counsel that compliance with any one or more of the following (as <br />specified in such opinion) is not needed to preserve the exclusion <br />from gross income for federal income tax purposes of the interest <br />on the Bonds: <br />(a) The Commission will make no use of the proceeds <br />of the Bonds at any time during the term thereof which <br />would cause the Bonds to be federally guaranteed within the <br />meaning of Section 149(b) of the Internal Revenue Code of <br />Refunded, as amended (the "Code "), and applicable <br />regulations thereunder. <br />(b) No action shall be taken which would cause the <br />Bonds to be "private activity bonds" within the meaning of <br />the Code. <br />(c) No Bond proceeds will be loaned to any entity or <br />person. No Bond proceeds will be transferred, directly or <br />indirectly, or deemed transferred to a nongovernmental <br />person in any manner that would in substance constitute a <br />loan of the Bond proceeds. <br />(d) The Commission will, to the extent necessary to <br />preserve the exclusion of interest on the Bonds from gross <br />income for federal income tax purposes, rebate or cause to <br />be rebated all required arbitrage profits on Bond proceeds <br />or other monies to the federal government as provided in <br />Section 148 of the Code, or will pay applicable penalties <br />in lieu of rebate as provided in Section 148 of the Code, <br />and will set aside such monies in trust for such purpose. <br />(e) The Commission will file an information report <br />Form 8038 -G with the Internal Revenue Service as required <br />by Section 149 of the Code. <br />(f) The Commission will not make any investment or do <br />any other act or thing during the period that any Bond is <br />outstanding hereunder which would cause any Bond to be an <br />L-11 "arbitrage bond" within the meaning of Section 148 of the <br />Code and the regulations applicable thereto as in effect on <br />the date of delivery of the Bonds. <br />The Commission will not take any action or fail to take any action <br />with respect to, the Bonds that would result in the loss of the <br />-19- <br />
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