76-86 Foster Pool BAN - Laserfiche WebLink

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for redemption upon ten (10) days ~'~.ten notice to the ori$tnal pur- chaser; shall be designated "Foster Pool I~pro~e~ent Bond Anticipation Notes"; shall be issued in such numbers and denominations as may be requested by the original purchaser; and shall be payable as to both principal and interest at the office of the Director of Finance of the City, or at banks or trust companies, as determined by the Director of Finance, without deduction for exchange, collection or service charge. Sect/on 4. T~at the Notes shall be executed by the Hayor and Director of Finance, provided that one of such signatures may be a facsimile signature, and bear the seal of the corporation or a facsimile thereof. The Rotes shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 5. Subject to the re~ection of the Notes by the Director of Finance for investment in the Bond Retirement Fund, the Notes shall be sold at the par value thereof by the Director of Finance at private sale at an interest rate not exceeding that specified in Section 3 of this ordinance and in accordance with the best interests and welfare of the City; and the D/rector of Finance is hereby author- ized and directed to ~eliver the Notes, when executed, to the original purchaser or purchasers thereof upon payment of the purchase price. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which the Notes are beinlt issued under the provisions of this ordinance. Any premium and accrued interest shall be transferred to the Bond Retirement Fund to be applied to the payment of the princi- pal of and interest on the Notes in the manner provided by The City hereby covenants that it will restrict the use of the proceeds of the Notes in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time of the delivery of any payment for the Notes, so that the Notes will not constitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the ap91tcahle income tax regulations under that Sec- tion. The fiscal officer or any other officer, including the Clerk of Council, having responsibility for issuing said Notes is authorized and directed, alone or in conjunction ~rlth any of the foregoing or ~r~th any other officer, employee~ or consultant of the City, to give an appropri- ate certificate of the City's reasonable expectations, as of the date of delivery of the Notes, for inclusion in the transcript of proceedings, which shall state (in brief and summary terms) the facts and estimates on which the City's reasonable expectations as to future events are based and state that, to the best of the knowledge and belief of the certifying officer, the City's expectations are reasonable. ~n order to obtain and preserve the exemption from federal income tax of interest on the Notes, the City further covenants that it will take all actions that may be required of it, and will not take any actions which would adversely affect such exemption, under the provi- sions of an7 federal tax law that applies to the Notes, whether pre- sently in effect or enacted subsequent to the date of issuance of the Notes, spectfica~ly including, but not limited to, provisions requiring or pertaining to restricting the amount of proceeds invested at a yield higher than the yield on the Notes, expending proceeds and portions thereof within the times provided, makin~ reports to the United States, and the rebate of certain excess earnings from the investment of the proceeds to the United States. The Director of Finance and other -2-