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Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds
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Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds
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6/25/2009 8:45:24 AM
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6/25/2009 8:45:23 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/22/1998
Ord-Res Number
8919-98
Bill Number
51-98
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including the right to have a receiver appointed to administer said Sewage Works in the event <br />of default in the payment or the principal of or interest on any of the bonds herein authorized <br />or in the event of default in respect to any of the provisions of this Ordinance or the Act. The <br />Common Council reserves the right, however, to amend this Ordinance from time to time <br />to preserve the Tax Exemption described in Section 19 hereof without the approval of any <br />owner of the bonds so long as the Common Council certifies that such amendment does not <br />violate subsection (i) of Section 17; provided, however, that if the 1998 Bonds are sold to <br />the Bond Bank, the City shall obtain the prior written consent of the State. <br />Section 1 Permitted Actions Relating to Preservation of Exclusion of Interest from <br />Federal Gross Income. <br />(a) The Controller is hereby authorized to invest moneys pursuant to the <br />provisions of this Ordinance at a restricted yield (subject to applicable requirements of <br />federal law to insure that any such investment is acquired for fair mazket value) to the extent <br />necessary or advisable to preserve the exclusion from gross income of interest on the 1998 <br />Bonds, or the tax exempt status of interest on the 1998 Bonds, under federal law. <br />(b) The Controller shall keep full and accurate records of investment <br />earnings and income from moneys held in the funds and accounts created or referenced <br />herein. In order to comply with the provisions of this Ordinance, the Controller is hereby <br />authorized and directed to employ consultants or attorneys from time to time to advise the <br />City as to requirements of federal law to preserve the tax exclusion or exemption. <br />Section 19. Tax Covenants. In order to preserve the exclusion of interest on the 1998 <br />Bonds from gross income for federal income tax purposes and as an inducement to purchasers of the <br />1998 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 1998 Bonds or property financed by the 1998 <br />Bond proceeds other than as a member of the general public. No person or entity other than <br />the City or another state or local governmental unit will own property financed by the 1998 <br />Bond proceeds or will have actual or beneficial use of such property pursuant to a lease, a <br />management or incentive payment contract, an arrangement such as take-or-pay or output <br />-25- <br />::ODMA\PCDOCS\SBDOCS 1 U 49473 <br />
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