92-098 Ordinance - Laserfiche WebLink

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- 4 - payments of special amounts in lieu of making computations to determine, or paying, excess earnings as rebate, or obviating those amounts or payments, as deterrnined by ttiat officer, wtiich action shall be in writing and signed by the officer, (b) to take any and all other actions, make or obtain calculations, make payments, and make or give reports, covenants and certifications of and on behalf of the City, as may be appropriate to assure the exclusion of interest from gross income and the intended tax status of the Note, and (c) to give one or more appropriate certificates of the City, for inclusion in the transcript of proceedings for the Note, setting forth the reasonable expecta- tions of the City regarding the amount and use of all ttre pr.oceeds of tYie Note, the facts, circumstances and estimates on which they are based, and other facts and circumstances relevant to the tax treatment of the interest on and the tax status of the Note. Each covenant made in this Section with respect to the Note is also made wit.h respect to al.t issues any portion of the debt service on which is paid f.r.om proceeds of the Note (and, if di£ferent, the original issue and any refunding issues in a series of refundings), to the extent such compliance is necessary to assure exclusion of interest on the Note from gross income for fede.ral income tax purposes, and the officers identified above are authorized to take actions with respect to those issues as they are authorized in tt?is Section to take with respect to the Note. The C.ity her.eby repi-esents that the 1991 Note is treated as a "qualified tax-exempt obligation" pursuant to Section 265(b)(3) of the Code. The City hereby covenants that it will redeem the 1991 Note from proceeds of, and withi_n 90 days after issuance of, the Note, and represents that all other conditions are met for treating the Note as a"qualified tax-exempt obiigation" 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 the Code. Further, the City represents and covenants that, during any time or in any manner as might affect the status of the Note as a"qualified tax-exempt obligation", it has not formed or partici.pated in the formation of, or benefited from or availed itself of, any entit.y in order to avvid the purposes of stzbparagraph (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 fiirther represents that the Note is not being issued as part of 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 to the County Auditor. Sect.ion 12. This Council determines that all act.s and conditions necessary to be done or performed by the City or to have been met precedent to and in the issuing of ihe Note in order to make it a legal, valid and binding general obligation of the City have been performed and have been met, or will at the time of delivery of the Note have been performed and have been met, in regular and due form as reyuired by law; that the full faith and credit and general property taxing power (as described in Section 9) of the City are