92-095 Ordinance - Laserfiche WebLink

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- 5 - exempt obligations" and as not to be taken into account unde.r stibparagraph (D) of Section 265(b)(3) of ttie Code, witliout necessity for further designation, by reason of subparagraph (D)(ii) of Section 265(b)(3) of the Code. Further, tYie City represents and covenants that, during any time or in any manner as might affect the status of the Notes as "quali£ied 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 pur.poses 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 furtliex• represents that the Notes are not being issued as part of a direct or indirect composi.te issue that combines issues or lots of tax-exempt obligations oF different issuers. Section 11. The Clerk of Council is directed to del.iver a certified copy of this ordinance to the County Auditor. Secti.on 12. This Council determines that all acts and conditions necessary to be done or per.formed by the City or to have been met precedent to and in the issuing of the Notes in order to make them lega.l., va.lid and binding general obligations of the City Yiave 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 l.aw; that the fu11 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 charges on the Notes; and that no statutory or const.itutional limitat.ion of indebtedness or taxation will have been exceeded in the issuance of the Notes. Section 13. This Cotincil finds and determines that all formal act.ions of this Council concer.ning and re.lating 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 rest.ilted in those formal actions were 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 itnmediate preservation of tkie public peace, health, safety and welfare of the City, and for the further reason that this ordinance is reytiired to be immediately effective in order to issue and sell the Notes, whicki is necessary to enable the Ci.ty to timely retire tYie 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: L 1992 / , ? At t e s t: ? l!LG// ?14- ?Clerk of Council ApProved: / ?I , 1992 ? Mayo President of Council , ? ° '+ 9/4/ , 4L