98-073 Ordinance - Laserfiche WebLink

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(D)(ii) of Section 265(b)(3) of the Code. Further, the 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 benefitted 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 uz 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 obligations of different issuers. Each covenant made in this Section with respect to the Notes is also made with respect to all issues any portion of the debt service on which is paid from proceeds of the Notes (and, if different, the ongmal issue and any refunding issues in a series of refundings), to the extent such compliance is necessary to assure exclusion of interest on the Notes from gross income for federal income tax purposes, and the officers identified above aze 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 a certified copy of this ordinance and a copy of the Certificate of Award to the County Auditor. Section 12. This Council deternunes 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 of North Olmsted have been performed and have been met, or w111 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 taacing power (as described in Section 9) of the City are pledged for the timely payment 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 deternunes that a11 formal actions of this Council and of any of its committees concerning and relating to the passage of this ordinance were taken, and that a11 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. Section 14. This ordinance is declared to be an emergency measure necessary for the immediate preservation of the public peace, health, safety and welfaze of the City, and for the further reason that this ordinance is requlred to be immediately effective in order to issue and sell the Notes, which is necessary to enable the City to timely retire the Outstanding Notes and thereby preserve its credit; wherefore, this ordinance shall be in full force and effect immediately upon its passage and approval by the Mayor. Passed: 1998 Attest: ?LA --- 1-„ Clerk of Coun 1 ? , Approved: 1998 7 Mayor Q?,? e W,,? President of Counc' K . 7- ....