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Agenda 07/25/2000
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Agenda 07/25/2000
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10/12/2000 9:05:19 PM
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10/12/2000 7:30:20 PM
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City Council
Meeting Date
7/25/2000
City Council - Category
Agendas
City Council - Type
General
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The Council intends for the Note to be treated as complying with the provisions of <br />Section 148(f)(4)(D) of the Code, which provides an exception from the "rebate requirement," <br />since the Note (1) is issued by the City which is a governmental unit with general taxing powers, <br />(2) no bond which is a part of this issue is a private activity bond, (3) 95% or more of the net <br />proceeds of this issue are to be used for local governmental activities entirely within the <br />jurisdiction of the City, and (4) the aggregate face amount of all tax-exempt notes. and bonds <br />(other than private activity bonds) issued by the City during the calendar year 2000 (and notes <br />and bonds issued by any subordinate entity of the City) is not reasonably expected to exceed <br />$5,000,000 except that, pursuant to the provisions of Section 148(f)(4)(D)(vii) of the Code, this <br />amount of $5,000,000 may increase by the lesser of $5,000,000 or so much of the aggregate face <br />amount of all tax-exempt bonds (other than private activity bonds) issued by the City during the <br />calendar year 2000 (and notes and bonds issued by any subordinate entity of the City) <br />attributable to financing the construction (within the meaning of Section F48(f)(4)(C)(iv) of the <br />Code) of public school facilities. <br /> <br />Section 16 Further Actions Authorized <br /> <br /> The Mayor and Clerk of the Council and the City Manager, City Treasurer, City <br />Attorney, Bond Counsel and all other officers, employees and agents of the City are hereby <br />authorized and directed to take any and all such further action as shall be deemed necessary or <br />desirable in order to effectuate delivery of, and payment for, the Note all in accordance with the <br />Ordinance. <br /> <br />Section 17 Invalidity of Sections <br /> <br /> If any section, paragraph, clause or provision of this Ordinance shall be held invalid or <br />unenforceable for any reason, the invalidity or unenforceability of such section, paragraph, <br />clause or provision shall not affect any of the remaining portions of this Ordinance. <br /> <br />Section 18 Headings of Sections, Table of Contents <br /> <br /> The headings of the sections of this Ordinance and the Table of Contents appended hereto <br />or to copies hereof shall be solely for convenience of reference and shall not affect the meaning, <br />construction, interpretation or effect of such sections of this Ordinance. <br /> <br />Section 19 Effectiveness and Filing of Ordinance <br /> <br /> The Council hereby declares in the public interest that an emergency exists and that this <br />Ordinance shall become effective upon its passage as provided for in the Act and as an <br />emergency measure pursuant to Section 3 of Chapter 3 of the City Charter. A certified copy of <br />this Ordinance shall be filed by the Clerk with the Clerk of the Circuit Court of the City of <br />Martinsville, Virginia. The filing of this Ordinance with the Clerk of the Circuit Court of the <br /> <br />14 <br /> <br /> <br />
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