1980 055 Ordinance - Laserfiche WebLink

Home Browse Search

the proceeds of the Notes or of the moneys or funds held hereunder in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations on the dates of issuance of the Notes, so that the Notes will not constitute "arbitrage bonds" 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 Notes. The Director of Finance, or any other officer of the Village having responsibility with respect to the issuance of the Notes, 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 Notes, setting forth the expectations of the Village regarding the amount and use of the proceeds of the Notes and the facts and estimates (including covenants of the Village) in existence on the dates of issuance of the Notes on which they are based, 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. Section 10. That it is found and determined that all formal actions of the Council concerning and relating to the adoption of this -5-