Agenda 07/12/2005 - Laserfiche WebLink

Home Browse Search

The Council intends for the Note and the Bond to each be treated as complying with the provisions of Section l48(f)(4)(D) of the Code, which provides an exception from the "rebate requirement," since the Note and the Bond each (1) is issued by the City which is a governmental unit with general taxing powers, (2) no bond which is a part of this issue of the Note and the Bond is a private activity bond, (3) 95% or more of the net proceeds of the Note and the Bond are to be used for local governmental activities entirely within the jurisdiction of the City, and (4) the aggregate face amount of all tax-exempt notes and bonds (other than private activity bonds) issued by the City during the calendar year 2005 (and notes and bonds issued by any subordinate entity of the City) is not reasonably expected to exceed $5,000,000 except that, pursuant to the provisions of Section l48(f)(4)(D)(vii) of the Code, this amount of$5,000,000 may increase by the lesser of $10,000,000 or so much of the aggregate face amount of all tax- exempt bonds (other than private activity bonds) issued by the City during the calendar year 2005 (and notes and bonds issued by any subordinate entity ofthe City) attributable to financing the construction (within the meaning of Section l48(f)(4)(C)(iv) of the Code) of public school facilities. Section 16 Further Actions Authorized: Approval of Documents The Mayor and Clerk of the Council and the City Manager, City Treasurer, City Attorney, Bond Counsel and all other officers, employees and agents of the City are hereby authorized and directed to take any and all such further action and to execute and deliver such other documents, certificates, undertakings, agreements or other instruments as shall be deemed necessary or desirable in order to effectuate delivery of, and payment for, the Note and the Bond all in accordance with the Ordinance, including but not limited to accomplishing draws or advances of principal amounts of the Note and the Bond, execution and delivery of forms 8038- G as determined necessary by bond counsel and Non-Arbitrage Certificate and Tax Covenants and the making of any elections such officers, employees and agents deem desirable regarding any provision of the Code or regulations promulgated thereunder. The Note and Bond Purchase Agreement and the Financing Agreement shall be in substantially the forms submitted to this meeting, which are hereby approved, with such completions, omissions, insertions, changes and revisions as may be approved by the officer executing them in his sole and absolute discretion, his execution thereof to constitute conclusive evidence of his approval of any such completions, omissions, insertions, changes and revisions. Section 17 Invaliditv of Sections If any section, paragraph, clause or provision of this Ordinance shall be held invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining portions of this Ordinance. 25