86-047 Ordinance - Laserfiche WebLink

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- 3 - issuing the Notes, shall, alone or with any other officer or employee of or consultant to the City, give an appropriate certificate of the City for inclu- sion in the transcript of proceedings for the Notes, setting forth the reason- able expectations of the City regarding the amount and use of all the proceeds of the Notes and the facts and estimates on which they are based, all as of the date of delivery of and payment for the Notes. The City covenants that it will take all actions that may be required of the City for the interest on the Notes to be and remain exempt from federal income tax, and will not take any actions which would adversely affect such exemption, under the provisions of federal tax laws that apply to the Notes, and also under the provisions of H.R. 3838 pending in Congress, as passed by the House on December 17, 1985, but with the effective date stated for certain provisions thereof listed in the March 14, 1986 Joint Statement by the leaders of the House Committee on Ways and Means and the Senate Committee on Finance and the Secretary of the Treasury, until and unless, and except to the extent, with respect to H.R. 3838, the City obtains a written opinion of nationally recognized bond counsel that this covenant, as it pertains to H.R. 3838, need not be complied with in order for the interest on the Notes to continue to be exempt from federal income taxation; and the Director of Finance and other appropriate officers are hereby authorized to take such actions and give such certifications as may be appropriate to assure such tax exemption of the interest. The Notes are hereby designated as "qualified tax-exempt obligations" to the extent permitted by Section 802(e) of H.R. 3838. This Council finds and determines that the reasonably anticipated amount of tax-exempt obliga- tions (whether or not designated as qualified) issued and to be issued by the City during this calendar year including the Notes does not, and the Council hereby covenants that, during such year the amount of tax-exempt obligations issued by the City and designated as qualified tax-exempt obligations for such purpose will not, exceed $10,000,000. The Director of Finance and other appropriate officers, and any of them, are authorized to take such actions and give such certifications on behalf of the City with respect to the reasonably anticipated amount of tax-exempt obligations to be issued by the City during this calendar year and with respect to such other matters as appropriate under Section 802(e). Section 11. The Clerk of Council is directed to deliver a certified 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 City or to have been met precedent to and in the issuing of the Notes in order to make them legal, valid and binding general obligations of the City 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, credit and revenues of the City are pledged for the timely payment of the principal of and interest 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 ac- tions of this Council concerning and relating to the passage of this ordinance were taken in an open meeting of this Council and that all deliberations of this Council and of any committees that resulted in those formal actions were in meetings open to the public, in compliance with the law. Section 14. This ordfnance is declared to be an emergency measure necessary for the immediate preservation of the public peace, health, safety and welfare of the City, and for the further reason that the immediate effec- tiveness of this ordinance is required in order to effect issuance and sale of the Notes, which is necessary to enabl°e the City to retire the outstanding notes at their maturity and thereby preserve its credit; wherefore, this