|
ORDINANCE NO. 2001- 12 PAGE 6
<br />148(f)(4)(C) of the Code or available under Section 148 of the Code, for the purpose of assuring,
<br />enhancing or protecting favorable tax treatment or status of the Notes or mterest thereon or
<br />assisting compliance with requirements for that purpose, reducing the burden or expense of such
<br />compliance, reducing the rebate amount or payments of penalties, or making payments of special
<br />amounts in lieu of making computations to determine, or paying, excess eainulgs as rebate, or
<br />obviating those amounts or payments, as determined by that ofFicer, which action shall be in
<br />writing and signed by the officer, (b) to take any and all other actions, make or obtain calculations,
<br />make payments, and make or give reports, covenants and certifications of and on behalf of the
<br />Village, as may be appropriate to assure the exclusion of interest from gross income and the
<br />intended tax status of the Notes, and (c) to give one or more appropriate certificates of the Village,
<br />for inclusion in the transcript of proceedings for the Notes, setting forth the reasonable
<br />expectations of the Village regarding the amount and use of all the proceeds of the Notes, the
<br />facts, circumstances and estimates on which they are based, and other facts and circumstances
<br />relevant to the tax treatment of the interest on and the tax status of the Notes.
<br />Section 11. In connection with the issuance of the Notes, the legal services of
<br />Squire, Sanders & Dempsey L.L.P., as bond counsel, are retained pursuant to an engagement
<br />letter which has been delivered to the Village by that firm. That engagement letter, and the
<br />execution thereof by the Mayor, the Director of Finance, the Director of Law, or any one of them,
<br />are hereby authorized, ratified and approved. In rendering those legal services, as an independent
<br />contractor and in an attorney-client relationship, that firm shall not exercise any administrative
<br />discretion on behalf of this Village in the formulation of public policy, expenditure of public
<br />funds, enforcement of laws, rules and regulations of the State, any county, municipality or other
<br />political subdivision, or of this Village, or the execution of public trusts.
<br />Section 12. The Clerk of Council is directed to forward a certified copy of this
<br />ordinance to the County Auditor.
<br />Section 12. This Council determines that all acts and conditions necessary to be done
<br />or performed by the Village or to have been met precedent to and in the issuing of the Notes in
<br />order to make them legal, valid and binding general obligations of the Village have been
<br />performed and have been met, or will at the time of delivery of the Notes have been performed
<br />and have been met, in regular and due form as required by law; that the full faith and credit and
<br />general property taxing power (as described in Section 9) of the Village are pledged for the timely
<br />payment of the debt charges on the Notes; and that no statutory or constitutional limitation of
<br />indebtedness or taxation will have been exceeded in the issuance of the Notes.
<br />Section 13. This Council finds and determines that all formal actions of this Council
<br />and of any of its committees concerning and relating to the passage of this ordinance were taken in
<br />an open meeting- of this Council or of any of its committees, and that all deliberations of this
<br />Council and of any committees that resulted in those formal actions were in meetings open to the
<br />public, in compliance with the law.
<br />Section 14. This ordinance is declared to be an emergency measure necessary for the
<br />immediate preservation of the public peace, health and safety of the Village, and for the further
<br />reason that the immediate effectiveness of this ordinance is required in order to effect the issuance
<br />and sale of the Notes, which is necessary to enable the Village to retire the Outstanding Note and
|