98-048 Ordinance - Laserfiche WebLink

Home Browse Search

,?. other facts and circumstances relevant to the tax treatment of the interest on and the tax status of the Notes. The Notes are hereby designated as "qualified tax-exempt obligations" for purposes of Section 266(b)(3) of the Code. In that connection, the City hereby represents and covenants that it, together with all its subordinate entities or entities that issue obligations on its behalf, or on behalf of which the City issues obligations, in or during the calendar year in which the Notes are issued, (i) has not issued and will not issue tax-exempt obligations designated as "qualified tax-exempt obligations" for purposes of Section 266(b)(3) of the Code, including the Notes, in an aggregate amount in excess of $10,000,000, and (ii) has not issued, does not reasonably anticipate issumg, and will not issue tax-exempt obligations (including the Notes, but excluding obligations, other than qualified 501(c)(3) bonds as defined in Section 145 of the Code, that are pnvate activity bonds as defined in Section 141 of the Code and excluding refunding obligations that aze not advance refunding obligations as defined in Section 149(d)(5) of the Code) in an aggregate amount exceeding $10,000,000, unless the City first obtains a wntten opinion of nationally recognized bond counsel that such designation or issuance, as applicable, will not adversely affect the status of the Notes as "qualified tax-exempt obligations". Further, the City 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 266(b)(3) of the Code, and will not form, participate in the formation of, or benefit from or avaii itself of, any such entity. T'he City further represents that the Notes are not being issued as part of a direct or mdirect 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 and a copy of the Certificate of Award 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 of North Olmsted have been performed and have been met, or vvill at the time of delivery af 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 the timely payment of the debt chazges 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 and of any of its committees concerning and relating to the passage of this ordinance were taken, and that all 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. -5- _ v?„??