2022-077 Ordinance - Laserfiche WebLink

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other funds (including the Permanent Improvement Street and Storm fund) are available for the payment of debt charges on the Bonds and are appropriated for that propose, the amount ul tax shall be reduced b}lite amount of the funds so available and appropriated. Section 10. federal "I ax Considerations lire City covenants that it will use, and will restrict the use and imesnnent 1 the proceeds of the Notes in such manner and to such extent as map be neecssmN so that (a) the Notes will not (i) constitute private activity bonds or arbitrage bunds under sections 141 or 148 of the Internal Reyenuc Code of 1986. as amended (the Code) or (ii) be treated other than as bonds the interest on which is excluded from gross inwrnc under Section 103 of the Code, and (b) the interest on the Notes will not be an item of tax preference under Section 57 of the Code. "lire City further covenants that (a) it Hill take or cause to be taken such actions that may be required of it for the interest on the Notes to be and remain excluded from gross income for federal income tax purposes. (bl it will not take or authorize to be taken any actions that would adwrsdy affect that exclusion, and (c) it. or persons acting Ior it, will, among other acts of compliance. (i) apply the proceeds of Notes to the goecmmcntal purposes of the borrowing. (ii) restrict the yield on investment property, (iii) make timely and adequate payments to the federal goverment. (iN maintain books and records and make calculations and reports, and (v) refrain from certain uses of those proceeds and, as applicable. of property financed with such proceeds. all in such manner and to the extent necessary to assure such exclusion of that interest under the Code. the Director of Finance, as the fiscal officer, or any other officer of the Cite having, responsibility for issuance of the Notes is hereby authorized (a) to make or effect any election. selection, designation, choice, consent. approval. or waiver on behalf of the Cil with respect to the Notes as the City is permitted or required to make or give under the federal income tax laws, including, without limitation thereto. any of the elections provided for in section 148(t)(4)(C) of the Code or available under Section 148 of the Code, for the purpose of assuring, enhancing or protecting favorable tax treatment or status of the Notes or interest thereon or assisting compliance with requirements for that purpose. reducing the burden or expense of such compliance, reducing the rebate amount or payments of penalties. or irking payments of special amounts in lieu of making computations to determine or paying. excess camings as rebate_ or obviating those amounts or payments, as determined b% that officer. which 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 CaN, as may, be appropriate to assure the exclusion of interest from gross income and the intended tax status of the Notes. and (c) to give one or more appropriate certificates of the CaN, for inclusion in the transcript of proceedings for the Notes, setting forth the reasonable expectations of the Citv regarding the amount and use of all the proceeds of the Notes, the facts, circumstances and estimates on which they are based, and other facts and circumstances relevant to the tax treatment ofthe interest on and the tax status of the Notcs. Section I1. Retention of Bond Counsel. "fhc legal services of Squire Patton Boggs (US) I.I.P. as bond counsel, be and are hereby retained. The legal services shall be in the nature of legal advice and recommendations as to the documents and the proceedings in connection with the issuance and sale of the Notes and the rendering of the necessary legal opinion upon the delivery of lire Notes. In rendering those legal services. as an independent contractor and in an attorney-elicit _5_