1987 045 Ordinance - Laserfiche WebLink

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ORDINANCE N0. 87-45 PAGE THREE of Finance, as the fiscal officer, or any other officer of the Village having responsibility for the issuance of the Notes shall give an appropriate certif- icate of the Village, for inclusion in the transcript of proceedings for the Notes, setting forth the reasonable expectations of the Village regarding the amount and use of all the proceeds of the Notes, the facts, circumstances and estimates on which they are based, and other facts and circumstances relevant to the tax treatment of the interest on the Notesm The Village further covenants that it (a) will take or cause to be taken such actions that may be required of it for the interest on the Notes to be and remain excluded from gross income for federal income tax purposes, and (b) will not take or authorize to be taken any actions that would adversely affect that exclusion, and that it, or persons acting for it, will, among other acts of compliance, (i) apply the proceeds of the Notes to the govern- mental purpose of the borrowing, (ii) restrict the yield on investment proper- ty acquired with those proceeds, (iii) make timely rebate payments to the federal government, (iv) maintain books and records and make calculations and reports, and (v) refrain from certain uses of those proceeds, all in such manner and to the extent necessary to assure such exclusion of that interest under the Code. The D3rector of Finance and other appropriate officers are authorized and directed to take any and all actions, make calculations and rebate payments, and make or give reports and certifications, as may be appro- priate to assure such exclusion of that interest. The Notes are hereby designated as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code. In that connection, the Vil- lage represents and covenants that it (it having no subordinate entities with authority to issue obligations within the meaning of that Section of the Code) (i) has not issued and will not issue, in the calendar year in which the Notes are issued, tax-exempt obligations (other than those that are not to be taken into account for purposes of Section 265(b)(3)(C) of the Code) in an aggregate principal amount exceeding $10,000,000 (including the Notes) and (ii) has not designated and will not designate as "qualified tax-exempt obligations", for purposes of that Section 265(b)(3), obligations issued in the calendar year in which the Notes are issued (other than those that are not to be taken into account for purposes of Section 265(b)(3)(D) of the Code) in an aggregate principal amount exCeeding $10,0009000. The Village further represents and covenants that during the calendar year in which the Notes are issued, the Village did not issue and will not issue obligations (of the type to which Section 265(b)(3) of the Code applies) on behalf of any other entity, and no other entity has issued or will be authorized to issue obligations (of such type) on behalf of the Village. Further, the Village represents that it has not formed, participated in the formation of, or benefited from the formation of, any entity formed in order to avoid the purposes of subparagraph (C) or (D) of Section 265(b)(3) of the Code, and covenants that it will not do so. Section 11. The Clerk of the Council is directed to forward a certi- fied copy of this ordinance to the County Auditor. Section 12. This Council determines that all acts and conditions necessary to be done or performed by the Village or to have been met precedent