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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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contract or any other type of arrangement that differentiates that person's or entity's use of <br />such property from the use by the public at large. <br />(b) No 1998 Bond proceeds will be loaned to any entity or person. No <br />1998 Bond proceeds will be transferred, directly or indirectly, or deemed transferred to a <br />nongovernmental person in any manner that would in substance constitute a loan of the 1998 <br />Bond proceeds. <br />(c) The City will not take, or cause to permit to be taken by it or by any <br />party under its control, or fail to take or cause or permit to fail to be taken by it or by any <br />party under its control, any action with respect to the 1998 Bonds that would result in the loss <br />of the exclusion from gross income for federal income tax purposes of interest on the 1998 <br />Bonds pursuant to Section 103 of the Code, nor will the City act in any other manner which <br />would adversely affect such exclusion. The City further covenants that it will not make any <br />investment or do any other act or thing during the period that any 1998 Bond is outstanding <br />hereunder which would cause any 1998 Bond to bean "arbitrage bond" within the meaning <br />of Section 148 of the Code and the regulations applicable thereto as in effect on the date of <br />delivery of the 1998 Bonds. <br />(d) The City will, to the extent necessary to preserve the exclusion of <br />interest on the 1998 Bonds from gross income for federal income tax purposes, rebate all <br />required arbitrage profits on 1998 Bond proceeds or other moneys treated as 1998 Bond <br />proceeds to the federal government and will set aside such moneys in a Rebate Account to <br />be held by the Controller in trust for such purpose. <br />Section 20. Compliance with Tax Sections. Notwithstanding any other provisions <br />of this Ordinance, the covenants and authorizations contained in this Ordinance ("Tax Sections") <br />which are designed to preserve the tax exempt status of interest on the 1998 Bonds or the exclusion <br />of interest on the 1998 Bonds from gross income under federal law ("Tax Exemption") need not be <br />complied with if the City receives an opinion of nationally recognized bond counsel that any Tax <br />Section is unnecessary to preserve the Tax Exemption. <br />Section 21. Supplemental Ordinances. Subject to the terms and provisions contained <br />in this Section, and not otherwise, the owners of not less than sixty-six and two-thirds percent (66- <br />2/3%) in aggregate principal amount of the bonds issued pursuant to this Ordinance and then <br />-26- <br />:ODMA\PCDOCS\SBDOCS 1\1494T3 <br />
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