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Authorizing the Issuance of Revenue Bonds re: improvements to the Waterworks, not to exceed Twenty-Two Million Five hundred thousand dollars (22,500,000); including the issuance of notes in anticipation of Bonds.
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Authorizing the Issuance of Revenue Bonds re: improvements to the Waterworks, not to exceed Twenty-Two Million Five hundred thousand dollars (22,500,000); including the issuance of notes in anticipation of Bonds.
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9/24/2009 2:28:11 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/23/1997
Ord-Res Number
8801-97
Bill Number
52-97
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person in any manner that would in substance constitute a loan of the 1997 Bond <br />proceeds. <br />(c) The City will not take any action or fail to take any action with <br />respect to the 1997 Bonds that would result in the loss of the exclusion from gross <br />income for federal income tax purposes of interest on the 1997 Bonds pursuant to <br />Section 103 of the Internal Revenue Code of 1986, as amended (the "~'ndn"), and <br />the regulations thereunder as applicable to the 1997 Bonds, including, without <br />limitation, the taking of such action as is necessary to rebate or cause to be rebated <br />arbitrage profits on 1997 Bond proceeds or other monies treated as 1997 Bond <br />proceeds to the federal government as provided in Section 148 of the Code, and <br />will set aside such monies, which may be paid from investment income on funds <br />and accounts notwithstanding anything else to the contrary herein, in trust for such <br />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 1997 Bond is outstanding hereunder which would cause <br />any 1997 Bond to be an "arbitrage bond" within the meaning of Section 148 of the <br />Code and the regulations thereunder as applicable to the 1997 Bonds. <br />Notwithstanding any other provisions of this Ordinance, the foregoing covenants <br />and authorizations (the "Tax Sections") which are designed to preserve the exclusion of interest <br />on the 1997 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 that <br />compliance with such Tax Section is unnecessary to preserve the Tax Exemption. <br />SECTION 25. Issuance_of~ANs;S~therActions. <br />(a) The City, having satisfied all the statutory requirements for the issuance of <br />the 1997 Bonds, has the authority to elect to issue a bond anticipation note or notes, repayable <br />from the proceeds received from the sale of the 1997 Bonds (defined herein as the "BANS"). This <br />Council hereby authorizes the issuance and sale of the BANs pursuant to I.C. §5-1-14-5 in one <br />or more series, ranking on a parity with each other, in original aggregate principal amount not to <br />exceed Twenty-Two Million Five Hundred Thousand Dollars ($22,500,000) to provide interim <br />financing until permanent financing becomes available and to pay for costs of issuing the BANs, <br />and the BANs also may fund capitalized interest thereon. The designation of the BANs shall be <br />"City of South Bend, Indiana Waterworks Bond Anticipation Note of 1997". The BANS shall be <br />issued in fully registered form in denominations of Five Thousand Dollars ($5,000) or integral <br />multiples thereof, shall be originally dated the date of delivery, shall be numbered consecutively <br />from 1 upward, shall mature not more than two (2) years from the date of issuance, may be <br />renewed or extended from time to time, over a period not exceeding five (5) years from the date <br />-26- <br />
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