08-21-00 - Laserfiche WebLink

Home Browse Search

with other obligations reasonably expected to be issued and outstanding at one time in this calendar year) exceed the small-issuer exception amount of $5, 000, 000 . For purposes of qualifying for the exception to the federal arbitrage rebate requirements for governmental units issuing $5, 000, 000 or less of bonds, the City hereby finds, determines and declares that (1) the Bonds are issued by a governmental unit with general taxing powers, (2) no Bond is a private activity bond, (3) ninety-five percent (95%) or more of the net proceeds of the Bonds are to be used for local governmental activities of the City (or of a governmental unit the jurisdiction of which is entirely within the jurisdiction of the City) , and (4) the aggregate face amount of all tax-exempt bonds (other than private activity bonds) issued by the City (and all subordinate entities thereof, and all entities treated as one issuer with the City) during the calendar year in which the Bonds are issued and outstanding at one time is not reasonably expected to exceed $5, 000, 000, all within the meaning of Section 148 (f) (4) (D) of the Code. 24 . No Designation of Qualified Tax-Exempt obligations . The Bonds have not been designated as "qualified tax-exempt obligations" within the meaning of Section 265 (b) (3) of the Code. 25 . Compliance with Reimbursement Bond Regulations . The provisions of this paragraph are intended to establish and provide for the City' s compliance with United States Treasury •Regulations Section 1.150-2 (the "Reimbursement Regulations" ) applicable to the "reimbursement proceeds" of the Bonds, being those portions thereof which will be used by the City to reimburse itself for any expenditure which the City paid or will have paid prior to the Closing Date (a "Reimbursement Expenditure" ) . The City hereby certifies and/or covenants as follows : (a) Not later than 60 days after the date of payment of a Reimbursement Expenditure, the City (or person designated to do so on behalf of the City) has made or will have made a written declaration of the City' s official intent (a "Declaration") which effectively (i) states the City' s reasonable expectation to reimburse itself for the payment of the Reimbursement Expenditure out of the proceeds of a subsequent borrowing; (ii) gives a general and functional description of the property, project or program to which the Declaration relates and for which the Reimbursement Expenditure is paid, or identifies a specific fund or account of the City and the general functional purpose thereof from which the Reimbursement Expenditure was to be paid (collectively the "Project" ) ; and (iii) states 1194249.1 26