Agenda 07/25/2000 - Laserfiche WebLink

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The Council intends for the Note to be treated as complying with the provisions of Section 148(f)(4)(D) of the Code, which provides an exception from the "rebate requirement," since the Note (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 is a private activity bond, (3) 95% or more of the net proceeds of this issue 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 2000 (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 148(f)(4)(D)(vii) of the Code, this amount of $5,000,000 may increase by the lesser of $5,000,000 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 2000 (and notes and bonds issued by any subordinate entity of the City) attributable to financing the construction (within the meaning of Section F48(f)(4)(C)(iv) of the Code) of public school facilities. Section 16 Further Actions Authorized 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 as shall be deemed necessary or desirable in order to effectuate delivery of, and payment for, the Note all in accordance with the Ordinance. Section 17 Invalidity 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. Section 18 Headings of Sections, Table of Contents The headings of the sections of this Ordinance and the Table of Contents appended hereto or to copies hereof shall be solely for convenience of reference and shall not affect the meaning, construction, interpretation or effect of such sections of this Ordinance. Section 19 Effectiveness and Filing of Ordinance The Council hereby declares in the public interest that an emergency exists and that this Ordinance shall become effective upon its passage as provided for in the Act and as an emergency measure pursuant to Section 3 of Chapter 3 of the City Charter. A certified copy of this Ordinance shall be filed by the Clerk with the Clerk of the Circuit Court of the City of Martinsville, Virginia. The filing of this Ordinance with the Clerk of the Circuit Court of the 14