88-087 Ordinance - Laserfiche WebLink

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. ,? ? _. - 4 - the Notes as "qualified tax-exempt obligations", it has not formed or partici- pated in or benefited from the formation of any entity formed 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 or benefit from the formation of any such entity. The City further represents that the Notes are not being issued as part of the a direct or indirect composite issue that combines issues or lots of tax-exempt obligations of different issuers. Section 11. The Clerk of Council is directed to deliver a certified copy of this ordinance, together with the certificate or certificates of the Director of Finance pursuant to Sections 3 and 6 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 reve- nues 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 actions of this Council concerning and relating to the passage of this ordi- nance 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 ordinance 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 this ordinance is required to be immediately effective in order to issue and sell the Notes, which is necessary to enable the City to pay timely the judgment rendered against it and the losses, damages and expenses related thereto; wherefore, this ordinance shall be in full force and effect immediately upon its passage and approval by the Mayor. Passed: 1988 At t e s t??-,?,.,C Clerk of Counci ? . ' Pr ident of Council Approved: , 1988 cMayor ,