Laserfiche WebLink
determined in accordance with Section 265(b)(3) of the Code (the Designated Amount), is hereby <br /> designated as "qualified tax exempt obligations" for purposes of Section 265(b)(3) of the Code. In <br /> that connection, the City hereby represents and covenants that the City, together with all of its <br /> subordinate entities or entities that issue obligations on behalf of the City, or on behalf of which the <br /> City issues obligations, in or during the calendar year in which the Bonds are issued, (i) have not <br /> issued and will not issue tax exempt obligations designated as"qualified tax exempt obligations" for <br /> purposes of Section 265(b)(3) of the Code (including the Designated Amount of the Bonds), in an <br /> aggregate amount in excess of$10,000,000, and (ii) has not issued, does not reasonably anticipate <br /> issuing, and will not issue, tax exempt obligations (including the Designated Amount of the Bonds, <br /> but excluding obligations, other than qualified 501(c)(3) bonds as defined in Section 145 of the <br /> Code, that are private activity bonds as defined in Section 141 of the Code and excluding refunding <br /> obligations that are not advance refunding obligations as defined in Section 149(d)(5) of the Code) <br /> in an aggregate amount exceeding $10,000,000, unless the City first obtains a written opinion of <br /> nationally recognized bond counsel that such designation or issuance, as applicable, will not <br /> adversely affect the status of the Bonds as "qualified tax exempt obligations". Further, the City <br /> represents and covenants that, during any time or in any manner as might affect the status of the <br /> Bonds as "qualified tax exempt obligations", the City has not formed or participated in the <br /> formation of, or benefited from or availed itself of, any entity in order to avoid the purposes of <br /> subparagraph (C) or (D) of Section 265(b)(3) of the Code, and will not form, participate in the <br /> formation of, or benefit from or avail itself of, any such entity. The City further represents that the <br /> Bonds are not being issued as part of a direct or indirect composite issue that combines issues or lots <br /> of tax exempt obligations of different issuers. The Director of Finance, as the fiscal officer, or any <br /> other officer of the City having responsibility for issuance of the Bonds is hereby authorized (a) to <br /> make or effect any election, selection, designation, choice, consent, approval, or waiver on behalf of <br /> the City with respect to the Bonds as the City is permitted or required to make or give under the <br /> federal income tax laws, including, without limitation, any of the elections provided for or available <br /> under Section 148 of the Code, for the purpose of assuring, enhancing or protecting favorable tax <br /> treatment or status of the Bonds or interest thereon or assisting compliance with requirements for <br /> that purpose, reducing the burden or expense of such compliance, reducing the rebate amount or <br /> payments or penalties, or making payments of special amounts in lieu of making computations to <br /> determine, or paying, excess earnings as rebate, or obviating those amounts or payments, as <br /> determined by that officer, which action shall be in writing and signed by the officer, (b)to take any <br /> and all other actions, make or obtain calculations, make payments, and make or give reports, <br /> covenants and certifications of and on behalf of the City, as may be appropriate to assure the <br /> exclusion of interest from gross income and the intended tax status of the Bonds, and(c)to give one <br /> or more appropriate certificates of the City, for inclusion in the transcript of proceedings for the <br /> Bonds, setting forth the reasonable expectations of the City regarding the amount and use of all the <br /> proceeds of the Bonds, the facts, circumstances and estimates on which they are based, and other <br /> facts and circumstances relevant to the tax treatment of the interest on the Bonds or the tax status of <br /> the Bonds. <br /> Each covenant made in this Section with respect to the Bonds is also made with respect <br /> to all issues any portion of the debt service on which is paid from proceeds of the Bonds (and, if <br /> different, the original issue and any refunding issues in a series of refundings), to the extent such <br /> compliance is necessary to assure exclusion of interest on the Bonds from gross income for federal <br /> - 17 - <br />