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purpose of assuring, enhancing or protecting favorable tax treatment or status of the Bonds or interest
<br />thereon or assisting compliance with requirements for that purpose, reducing the burden or expense
<br />of such compliance, reducing the rebate amount or payments ar penalties, or making payments of
<br />special amounts in lieu of making computations to determine, or paying, excess earnings as rebate, or
<br />obviating those amounts or payments, as determined by that officer, which action shall be in writing
<br />and signed by the officer, (b) to take any and all other actions, make or obtain calculations, make
<br />payments, and make or give reports, covenants and certifications of and on behalf of the City, as may
<br />be appropriate to assure the exclusion of interest from gross income and the intended tax status of the
<br />Bonds, and (c) to give one or more appropriate certificates of the City, for inclusion in the transcript
<br />of proceedings for the Bonds, setting forth the reasonable expectations of the City regarding the
<br />amount and use of all the proceeds of the Bonds, the facts, circumstances and estimates on which they
<br />are based, and other facts and circumstances relevant to the tax treatment of the interest on or status of
<br />the Bonds.
<br />The Bonds are hereby designated as "qualified tax exempt obligations" for purposes
<br />of Section 265(b)(3) of the Code. In that connection, the City hereby represents and covenants that it,
<br />together with all its subordinate entities or entities that issue obligations on its behalf, or on behalf of
<br />which the City issues obligations, in or during the calendar year in which the Bonds are issued, (i) has
<br />not issued and will not issue tax exempt obligations designated as "qualified tax exempt obligations"
<br />for purposes of Section 265(b)(3) of the Code, including the Bonds, in an aggregate amount in excess
<br />of $10,000,000, and (ii) has not issued, does not reasonably anticipate issuing, and will not issue tax
<br />exempt obligations (including the Bonds, but excluding obligations, other than qualified 501(c)(3)
<br />bonds as defined in Section 145 of the Code, that are private activity bonds as defined in Section 141
<br />of the Code and excluding refunding obligations that are not advance refunding obligations as
<br />defined in Section 149(d)(5) of the Code) in an aggregate amount exceeding $10,000,000, unless the
<br />City first obtains a written opinion of nationally recognized bond counsel that such designation or
<br />issuance, as applicable, will not adversely affect the status of the Bonds as "qualified tax exempt
<br />obligations". Further, the City represents and covenants that, during any time or in any manner as
<br />might affect the status of the Bonds as "qualified tax exempt obligations", it has not formed or
<br />participated in the formation of, or benefited from or availed itself of, any entity in order to avoid the
<br />purposes of subparagraph (C) or (D) of Section 265(b)(3) of the Code, and will not form, participate
<br />in the formation of, or benefit from or avail itself of, any such entity. The City further represents that
<br />the Bonds are not being issued as part of a direct or indirect composite issue that combines issues or
<br />lots of tax exempt obligations of different issuers
<br />Section 9. Certification and Deliverv of Ordinance and Certificate of Award. The
<br />Clerk of Council is directed to deliver to the Cuyahoga County Fiscal Officer a certified copy of this
<br />ordinance and a signed copy of the Certificate of Award as soon as each is available.
<br />Section 10. Satisfaction of Conditions for Bond Issuance. This Council determines
<br />that all acts and conditions necessary to be performed by the City or to have been met precedent to
<br />and in the issuing of the Bonds in order to make them legal, valid and binding general obligations of
<br />the City of North Olmsted have been performed and have been met, or will at the time of delivery of
<br />the Bonds have been performed and have been met, in regular and due form as required by law; that
<br />the full faith and credit and general property taxing power (as described in Section 7) of the City are
<br />pledged for the timely payment of the debt charges on the Bonds; and that no statutory or
<br />constitutional limitation of indebtedness or taxation will have been exceeded in the issuance of the
<br />Bonds.
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