91-022 Ordinance - Laserfiche WebLink

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- 5 - conditions are met. for treating the Notes as "qualified tax-exempt obliga- tions" 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 subparagraph (D)(ii) of Section 265(b)(3) of t. tie Code. Further, tiie 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 of, or benefited from or availed itself of, 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 represents that the Notes are not being issued as part of a direct or indirect composite issue that combines issues or lots of tax-exempt obliga- tions of different issuers. Ser.tion 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 ttie 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 and credit and general property taxing power (as described in Section 9) of the City are pledged for ttie timely payment of t1-e 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 concerning and relating to the passage of this ordinance were taken in an open meeting of this Council and that all. delibera- tions 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 necessary for the immediate preservation and welfare of the City, and for the required to be immediately effective in which is necessary to enable the City thereby preserve its credit; wherefore, and effect immediately upon its passage ~~ ~ Passed : ~, ;:~, ~-~-c.~ ~..- (~ 1991 ~..~~ ` Attest : ,tic. 6i F,. ,u F,_ _~Z : r•. -~:. ~ _- Acting Clerk cif Council Approved: ~ , 1991 Mayor declared to be an emergency measure of the public peace, health, safety further. reason that this ordinance is order to issue and sell the Notes, to timely retire the 1990 Notes and his ordinance shall be in full force nd approval by the Mayor. President of Council