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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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Last modified
12/3/2009 11:51:05 AM
Creation date
8/20/2009 12:22:25 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/10/2009
Ord-Res Number
9951-09
Bill Number
56-09
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transferred to a nongovernmental person in any manner that would in substance constitute <br />a loan of the Bond or BAN proceeds. <br />(c) The City will not take, or cause to permit to be taken by it or by <br />any party under its control, or fail to take or cause or permit to fail to be taken by it or by <br />any party under its control, any action with respect to the Bonds or BANs that would <br />result in the loss of the exclusion from gross income for federal income tax purposes of <br />interest on the Bonds or BANS pursuant to Section 103 of the Code, nor will the City act <br />in any other manner which would adversely affect such exclusion. The City further <br />covenants that it will not make any investment or do any other act or thing during the <br />period that any Bond or BAN is outstanding hereunder which would cause any Bond or <br />BAN to be an "arbitrage bond" within the meaning of Section 148 of the Code and the <br />regulations applicable thereto as in effect on the date of delivery of the Bonds or BANs. <br />(d) The City will, to the extent necessary to preserve the exclusion of <br />interest on the Bonds and BANS from gross income for federal income tax purposes, <br />rebate all required arbitrage profits on Bond and BAN proceeds or other moneys treated <br />as Bond or BAN proceeds to the federal government and will set aside such moneys in a <br />Rebate Account to be held by the Controller in trust for such purpose. <br />Section XXII. Compliance with Tax Sections. Notwithstanding any other <br />provisions of this Ordinance, the covenants and authorizations contained in this Ordinance ("Tax <br />Sections") which are designed to preserve the tax exempt status of interest on the Bonds or <br />BANS or the exclusion of interest on the Bonds or BANs from gross income under federal law <br />("Tax Exemption") need not be complied with if the City receives an opinion of nationally <br />recognized bond counsel that any Tax Section is unnecessary to preserve the Tax Exemption. <br />-46- <br />BDDBOI 5738468v1 <br />
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