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Authorizing Tax Anticipation Time Warrats for 1990
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Authorizing Tax Anticipation Time Warrats for 1990
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Last modified
11/9/2012 9:04:01 AM
Creation date
11/9/2012 9:04:00 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
2/26/1990
Ord-Res Number
8071-90
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Section 7. 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 docu- <br /> ments and instruments and otherwise take such actions as are neces- <br /> sary or appropriate to carry out the terms and conditions of this <br /> Ordinance and the actions authorized hereby and thereby, including <br /> without limitation publishing notice regarding the making of a loan <br /> pursuant to IC 36-4-6-20 as authorized herein. <br /> Section 8. All resolutions and ordinances in conflict herewith <br /> are, to extent of such conflict, hereby repealed. <br /> Section 9. The City hereby covenants that the City and its offi- <br /> cers shall not take any action or fail to take any action with res- <br /> pect to the proceeds of any of the Warrants or any investment ear- <br /> nings thereon which would cause the Warrant or any of the Warrants to <br /> be "arbitrage bonds" under the Code, or would otherwise cause the in- <br /> terest on the Warrant or any of the Warrants to cease to be exclu- <br /> dable from gross income for purposes of Federal income taxation; and <br /> the City Controller and all other appropriate officers are hereby <br /> authorized and directed to take any and all actions and to make and <br /> deliver any and all reports, filing and certifications as may be <br /> necessary or appropriate to evidence, establish or ensure such con- <br /> tinuing exclusion of the interest on the Warrants. The City shall <br /> comply with the arbitrage rebate requirements under Section 148 of <br /> the Code to the extent applicable. <br /> -8- <br />
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