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Amend & Restating Ordinance #9027-99 Concerning Construction of Improvements to Wworks, amount not to exceed $2,6000,000
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Amend & Restating Ordinance #9027-99 Concerning Construction of Improvements to Wworks, amount not to exceed $2,6000,000
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Last modified
5/15/2009 1:50:10 PM
Creation date
11/21/2008 3:58:33 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
2/28/2000
Ord-Res Number
9095-00
Bill Number
23-00
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(e) To provide for the refunding or advance refunding of the 2000 Bonds; <br />(f) To provide for the issuance of additional bonds as provided in Section <br />20 hereof; or <br />(g) To make any other change which, in the determination of the Council <br />in its sole discretion, is not to the prejudice of the owners of the 2000 Bonds. <br />SECTION 24. Tax Matters. In order to preserve the exclusion of interest on the 2000 <br />Bonds from gross income for federal income tax purposes and as an inducement to purchasers of the <br />2000 Bonds, the City represents, covenants and agrees that: <br />(a) No person or entity, other than the City or another state or local <br />governmental City, will use proceeds of the 2000 Bonds or property financed by the <br />2000 Bond proceeds other than as a member of the general public. No person or <br />entity other than the City or another state or local governmental City will own <br />property financed by 2000 Bond proceeds or will have actual or beneficial use of <br />such property pursuant to a lease, a management or incentive payment contract, an <br />arrangement such astake-or-pay or output contract, or any other type of arrangement <br />that differentiates that person's or entity's use of such property from the use by the <br />public at large. <br />(b) No 2000 Bond proceeds will be loaned to any entity or person other <br />than a state or local governmental City. No 2000 Bond proceeds will be transferred, <br />directly or indirectly, or deemed transferred to anon-governmental person in any <br />manner that would in substance constitute a loan of the 2000 Bond proceeds. <br />(c) The City will not take any action or fail to take any action with respect <br />to the 2000 Bonds that would result in the loss of the exclusion from gross income <br />for federal income tax purposes of interest on the 2000 Bonds pursuant to Section <br />103 of the Internal Revenue Code of 1986, as amended (the "Code"), and the <br />regulations thereunder as applicable to the 2000 Bonds, including, without limitation, <br />the taking of such action as is necessary to rebate or cause to be rebated arbitrage <br />profits on 2000 Bond proceeds or other monies treated as 2000 Bond proceeds to the <br />federal government as provided in Section 148 of the Code, and will set aside such <br />monies, which may be paid from investment income on funds and accounts <br />notwithstanding anything else to the contrary herein, in trust for such purposes. <br />(d) The City will file an information report on Form 8038-G with the <br />Internal Revenue Service as required by Section 149 of the Code. <br />(e) The City will not make any investment or do any other act or thing <br />during the period that any 2000 Bond is outstanding hereunder which would cause <br />any 2000 Bond to be an "arbitrage bond" within the meaning of Section 148 of the <br />Code and the regulations thereunder as applicable to the 2000 Bonds. <br />-27- <br />
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