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9764-07 Authorizing the Mayor and Controller to Issue Temporary Loans 2006 - 2007
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9764-07 Authorizing the Mayor and Controller to Issue Temporary Loans 2006 - 2007
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Last modified
9/24/2009 3:34:13 PM
Creation date
10/2/2007 9:36:04 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/11/2007
Ord-Res Number
9764-07
Bill Number
34-07
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Section IX. The City Controller is hereby authorized to deliver the Warrants to <br />the Purchaser, upon receipt from the Purchaser of payment in accordance with the terms of the <br />Warrant Purchase Agreement. <br />Section X. The City Controller and other appropriate officers of the City are <br />hereby authorized and directed to make such filings and requests, deliver such certifications, <br />execute and deliver such documents and instruments, and otherwise take such actions as are <br />necessary or appropriate to carry out the terms and conditions of this Ordinance and the actions <br />authorized hereby and thereby. <br />Section XI. The City hereby covenants that the City and its officers shall not take <br />any action or fail to take any action with respect to the proceeds of any of the Warrants or any <br />investment earnings thereon which would result in constituting any of the Warrants as "arbitrage <br />bonds" under the Code and any and all final or proposed regulations or rulings applicable <br />thereto, or which would otherwise cause the interest on any of the Warrants to cease to be <br />excludable from gross income for purposes of federal income taxation; and the City Controller <br />and all other appropriate officers are hereby authorized and directed to take any and all actions <br />and to make and deliver any and all reports, filings, and certifications as may be necessary or <br />appropriate to evidence, establish, or ensure such continuing exclusion of the interest on the <br />Warrants. <br />Section XII. All resolutions and ordinances in conflict herewith are, to extent of <br />such conflict, hereby repealed. <br />Section XIII. This Ordinance shall be in full force and effect from and after the <br />time it has been adopted by the Common Council, approved by the Mayor, and otherwise <br />executed and delivered in accordance with any and all laws pertaining thereto. <br />***~* <br />BDDBOI 4765573v1 - 6 - <br />
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