2002-054 Ordinance - Laserfiche WebLink

Home Browse Search

fiuther represerns that the Notes are not being issued as part of a direct or indirect composite issue tha.t combines issues or lots of tax-exempt obligations of differerrt issuers. The Director of Finance, as the fiscal officer, or any other officer of the City having responsibility for issuance of the Notes is hereby authorized (a) to make or effect any election, selection, designation, choice, conserrt, approval, or waiver on behalf of the City with respect to the Notes as the City is permitted or required to make or give under the federal income tax laws, including, without limitation thereto, any of the elections provided for in Section 148(f)(4xC) of the Code or available under Section 148 of the Code, for the purpose of assuring, enhancing or protecting favorable tax treatmem or status of the Notes or irrterest thereon or assisting compliance with requirements for thax purpose, reducing the burden or expense of such compliance, reducing the rebate amount or paymerns of penalties, or making paymerrts of speciai amounts in lieu of making computations to determine, or paying, excess earnings as rebate, or obviating those amoutrts or paymetrts, as deterrnined by that officer, which action sha11 be in writing and signed by the officer, (b) to take any and a11 other actions, make or obtain calculations, make paymerns, and make or give reports, covenarns and certifications of and on behalf of the City, as may be appropriate to asswe the exclusian of interest from gross income and the intended tax status af the Notes, and (c) to give one or more appropriate certificates of the City, for inclusion in the transcript of proceedings for the Notes, setting forth the reasonable expectations of the City regarding the amoum and use of a11 the proceeds of the Notes, the facts, circumstances and estimates on which they aze based, and other facts and circumstances relevarn to the tax treatmern of the urterest on and the tax status of the Notes. Section 11. The Clerk of Council is directed to deliver to the Courny Auditor both (i) a certified copy of this ordinance and (ii) a copy of the signed Certificate of Award. Section 12. This Council determines that a11 acts and conditions necessary to be done or performed by the City or to have been met precedern to and in the issuing of the Notes in order to make them legal, valid and binding general obligations of the City of North Olmsted have been performed and have been met, or will at the time of delivery of the Notes have been performed and have been met, in regular and due form as required by law; that the full faith and credit and general property taxing power (as described in 5ection 9) of the City aze pledged for the timely paymem of the debt charges on the Notes; and that no statutory or constitutional limitation of indebtedness or taxation will have been exceeded in the issuance of the Notes. Section 13. This Council finds and determines tttat a11 formal actions of this Council and of any of its committees conceming and relating to the passage of this ordinance were taken, and that all deliberations of this Council and of any committees that resulted in those formal actions were held, in meetings open to the public in compliance with the law. -6- ,