1988-06-17 Resolution 6 - Laserfiche WebLink

Home Browse Search

(a) No person or entity or any combination thereof, other than the Authority or a governmental • unit (other than the federal government) will use proceeds of the Bonds or property financed by said proceeds other than as a member of the general public. No person or entity or any combination thereof, other than the Authority or a governmental unit (other than the federal government) will own property financed by Bond proceeds or .will have actual or beneficial use of such property pursuant to a lease, a management or incentive payment contract, an arrangement such as a take-or-pay or other type of output contract or any. other type of arrangement that differentiates that person's or entity's use of such property from the use by the public at large of such property. (b) No Bond proceeds will be loaned to any entity or person. No Bond proceeds will be transferred, directly or indirectly, or deemed transferred to a nongovernmental person in any manner that would in substance constitute a loan of the Bond proceeds. (c) The Authority will not take any action or fail to take any action with respect to the Bonds that would result in the loss of the exclusion from gross income for federal tax purposes of interest on the Bonds pursuant to Section 103(a) of the Code, as in effect on the date of delivery of the Bonds, nor will the Authority act in any manner which would adversely affect such exclusion. The Authority further covenants that it will not make any investment or do any other act or thing during the period that any Bond is outstanding hereunder which would cause any Bond to be an '!arbitrage Bond" within the meaning. of Section 148 of the Code and the Arbitrage Regulations as in effect on the date of delivery of the Bonds. The Authority shall comply with the arbitrage rebate requirements under Section 148 of the Code to the extent applicable. (d) All officers, employees and agents of the Authority are authorized and directed to provide certifications of facts and estimates that are material to the reasonable expectations of the Authority as of the date the Bonds are issued and to enter into covenants on behalf of the Authority evidencing the Authority's commitments made herein. In particular, all or any officers, members, employees and agents. of the Authority are authorized to certify and/or enter into covenants for the Authority regarding the facts and circumstances and reasonable expectations of the Authority on the date the Bonds are issued and the commitments made by the Authority herein regarding the amount and use of the proceeds of the Bonds. • (e) The. Authority will not take any action nor fail to take any action with respect to the Bonds that -21-