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05-26-09 Common Council Meeting Agenda & Packet
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05-26-09 Common Council Meeting Agenda & Packet
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5/21/2009 4:06:32 PM
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5/21/2009 4:06:25 PM
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City Council - City Clerk
City Council - Document Type
Agendas
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(g) To make any other change which, in the determination of the Council in <br />its sole discretion, is not to the material prejudice of the owners of the 2009 Bonds. <br />SECTION 24. Tax Matters. In order to preserve the exclusion of interest on the <br />2009 Bonds from gross income for federal income tax purposes and as an inducement to <br />purchasers of the 2009 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 unit, will use proceeds of the 2009 Bonds or property financed by the 2009 Bond <br />proceeds other than as a member of the general public. No person or entity other than the City or <br />another state or local governmental unit will own property financed by 2009 Bond proceeds or <br />will have actual or beneficial use of such property pursuant to a lease, a management or incentive <br />payment contract, an arrangement such as take-or-pay or output contract, or any other type of <br />arrangement that differentiates that person's or entity's use of such property from the use by the <br />public at large. <br />(b) No 2009 Bond proceeds will be loaned to any entity or person other than a <br />state or local governmental unit. No 2009 Bond proceeds will be transferred, directly or <br />indirectly, or deemed transferred to anon-governmental person in any manner that would in <br />substance constitute a loan of the 2009 Bond proceeds. <br />(c) The City will not take any action or fail to take any action with respect to <br />the 2009 Bonds that would result in the loss of the exclusion from gross income for federal <br />income tax purposes of interest on the 2009 Bonds pursuant to Section 103 of the Internal <br />Revenue Code of 1986, as amended (the "Code"), and the regulations thereunder as applicable to <br />the 2009 Bonds, including, without limitation, the taking of such action as is necessary to rebate <br />or cause to be rebated arbitrage profits on 2009 Bond proceeds or other monies treated as 2009 <br />Bond proceeds to the federal government as provided in Section 148 of the Code, and will set <br />aside such 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 Internal <br />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 during <br />the period that any 2009 Bond is outstanding hereunder which would cause any 2009 Bond to be <br />an "arbitrage bond" within the meaning of Section 148 of the Code and the regulations <br />thereunder as applicable to the 2009 Bonds. <br />Notwithstanding any other provisions of this Ordinance, the foregoing covenants and <br />authorizations (the "Tax Sections") which are designed to preserve the exclusion of interest on <br />the 2009 Bonds from gross income under federal law (the "Tax Exemption") need not be <br />complied with to the extent the City receives an opinion of nationally recognized bond counsel <br />that compliance with such Tax Section is unnecessary to preserve the Tax Exemption. <br />-29- <br />
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