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Authorizing Tax Anticipation Time Warrants for 1991
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Authorizing Tax Anticipation Time Warrants for 1991
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Last modified
10/23/2012 12:25:32 PM
Creation date
10/23/2012 12:25:30 PM
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Template:
City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
2/11/1991
Ord-Res Number
8171-91
Bill Number
12-91
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Warrants sold to.-the purchaser shall be accompanied by all <br /> documentation required pursuant to the provisions of Indiana law and <br /> the Purchase Agreement, including without limitation an approving <br /> opinion of nationally recognized bond counsel, certification and <br /> guarantee of signatures and certification as to no litigation <br /> pending, as of the date of delivery of the Warrants to the Purchaser, <br /> challenging the validity or issuance of the Warrants. The entry by <br /> the City into the Purchase. Agreement and the execution of the <br /> Purchase. Agreement on behalf of the City by the City Controller, in <br /> accordance with the Ordinance, are hereby authorized, approved and <br /> ratified. <br /> Section 7 . The proper officers of the City are hereby authorized <br /> to deliver the Warrants to the Purchaser thereof upon receipt from <br /> such. Purchaser of the agreed purchase price, pursuant to the Purchase <br /> Agreement. The Warrants of each purchase of each issue will be <br /> delivered as a single parcel at one time or pursuant to any agreement <br /> or understanding with respect to said delivery by and between the <br /> City Controller and the. Purchaser of the Warrants. <br /> Section 8. The City Controller and other appropriate officers of <br /> the City are hereby authorized and directed to make such filings and <br /> requests, deliver such certifications, execute and deliver such <br /> documents and instruments and otherwise take such actions as are <br /> necessary or appropriate to carry out the terms and conditions of <br /> this Ordinance and the actions authorized hereby and. thereby. <br /> Section 9. All resolutions and ordinances in conflict herewith <br /> are, to extent of such conflict, hereby repealed. <br /> Section 10. The City hereby covenants that the City and its <br /> officers shall not take any action or fail to take any action with <br /> respect to the proceeds of any of the Warrants or any investment <br /> earnings thereon which would cause the Warrant or any of the Warrants <br /> to be "arbitrage bonds" under the Internal Revenue of 1986, as <br /> amended, (the "Code" ) , or would otherwise cause the interest on the <br /> Warrant or any of the Warrants to cease to be excludable from gross <br /> income for purposes of Federal income taxation: and the City <br />
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