1980 030 Ordinance - Laserfiche WebLink

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Section 8. That, notwithstanding any other provisions of this Ordinance, the Village hereby covenants that no part of the proceeds of the Note or of the moneys or funds.. held hereunder shall be used at any time, directly or indirectly, in a manner that (a) would have been, but for this covenant, reasonably expected on the date of issuance of the Note and (b) would have caused, if so reasonably expected, the Note to be an "arbitrage bond" under Section 103(c) of the Internal Revenue Code of 1954, as amended, and the regulations of the Treasury Department thereunder proposed or in effect at the time of such use and applicable to obligations issued on the date of issuance of the Note. The Director of Finances of the Village, or any other officer of the Village, having responsibility with respect to the issuance of the Note, is authorized and directed, alone or in conjunction with any of the foregoing or with any other officer, employee, consultant or agent of the Village, to give an appropriate certificate on behalf of the Village, for inclusion in the transcript of proceedings for the Note, setting forth the facts and estimates (including covenants of the Village) in existence on the date of issuance of the Note, relating to the Note and the expectations regarding the amount and use of the proceeds of the Note which (i) meets the requirements of Treasury Regulations Sections 1.103-13, -14 and -15 promulgated under the authority of the Internal Revenue Code of 1954, as amended, and (ii) states that to the best of the knowledge, information and belief of the certifying officer such expectations are reasonable. Section 9. That the Director of Finance is hereby authorized and directed to forward a certified copy of this Ordinance to the County Auditor of Cuyahoga County. -5-