2003-053 Ordinance - Laserfiche WebLink

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tax-exempt obligations" and as not to be taken into account under subparagraph (D) of Section 265(b)(3) of the Code, without necessity for further designation, by reason of subpazagaph (Dxii) of Section 265(b)(3) of the Code. Further, the City represents and covenants that, during any time or in any manner as might affect the status of the Notes as "qualified tax-exempt obligations", it has not formed or participated in the formation ot or benefitted from or availed itself ot any entity in order to avoid the purposes of subparagraph (C) or (D) of Section 265(b)(3) of the Code, and will not form, participate in the formation of, or benefit from or avail itself of, any such entity. The City further represerrts that the Notes are not being issued as part of a direct or indirect composite issue that combines issues or lots of tax-exempt obligations of different 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 authoriz,ed (a) to make or effect any election, selection, designation, choice, consern, 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 taac laws, including, without limitation thereto, any of the eiections provided for in Section 148(f)(4)(C) of the Code or available under Section 148 of the Code, for the purpose of assuring, enhancing or protecting favorable tax treatmern or status of the Notes or imerest thereon or assisting compliance with requiremerns for that purpose, reducing the burden or expense of such compliance, reducing the rebate amount or payments of penalties, or making payments of special amounts in lieu of making camputations ta determine, or paying, excess eamings as rebate, or obviating those amounts or paymerrts, as determined by that officer, which action shall be in writing and si,gned by the officer, (b) to talce any and a11 other actions, make or obtain calculations, make payments, and make or give reports, covenants and certifications of and on behalf of the City, as ma.y be appropriate to asswe the exclusion of irrterest from goss income and the intended tax status of 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 amourrt and use of ail the proceeds of the Notes, the facts, circumstances and estimates on which they are based, and other facts and circumstances relevant to the tax treatmerrt of the interest on and the tax status of the Notes. Each covenant made in this Section with respect to the Notes is also made with respect to a11 issues any portion of the debt service on which is paid from proceeds of the Notes (and, if differem, the original issue and any refunding issues in a series of refundings), to the extent such compliance is necessary to assure exclusion af irrterest on the Notes from gross income for federal income tax purposes, and the officers identified above are authorized to take actions with respect to those issues as they aze authorized in this Section to take with respect to the Notes. Section 11. The Clerk of Council is directed to deliver to the County Auditor a certified copy of this ordinance. 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 a.nd due form as required by law; that the full faith and credrt and general property taxing power (as described in Section 9) of the City are pledged for the timely paymetrt of -5- ??.N??.??