2003-052 Ordinance - Laserfiche WebLink

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or give reports, covenants and certifications of and on behalf of the City, as may be appropriate to assure the exclusion of interest from gross 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 amount a.nd use of ail the proceeds of the Notes, the facts, circumstances and estimates on wluch they are based, and other facts and circumstances relevant ta the tax treatmetrt 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 proeeeds of the Notes (and, if different, the original issue and any refunding issues in a series of refundings), to the extent such compliance is necessary to assure exclusion of irrterest on the Notes from gross income for federal income tax purposes, and the officers idemified above are authorized to take actions with respect to those issues as they are 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 condrtions necessary to be done or peiformed 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 Section 9) of the City are pledged for the timely paymerrt 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 that all formal actions of this Council and of any of its committees concerning 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-