Resolution 04-003 - Laserfiche WebLink

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officer or officers of the City herein authorized shall be conclusive evidence of the approval of such documents in accordance with the terms hereof. 3. The Lease is not a general obligation of the City but rather is payable from amounts to be annually appropriated by the City, and the full faith, credit and taxing powers of the City shall not be and are not pledged. The City hereby makes an initial appropriation for the portion of the rental payments in fiscal year which ends December 31, 2005. 4. The City shall not knowingly take, nor fail to take, any action the effect of which would be to impair the tax exempt status of the interest portion of the payments under the Lease. In order to qualify the Lease as a "qualified tax exempt obligation" within the meaning of Section 265(b)(3) of the Code, the City hereby makes the following factual statements and representations: (a) the Lease is issued after August 7, 1986; (b) the Lease is not a "private activity bond" as defined in Section 141 of the Code, treating "qualified 501(c)(3) bonds as not being private activity bonds; (c) the City hereby designates the Lease as a "qualified tax exempt obligation" for purposes of Section 265(b)(3) of the Code; (d) the reasonably anticipated amount of tax exempt obligations (other .,......, than private activity bonds, treating qualified 501(c)(3) bonds as not being private activity bonds) which will be issued by the City (and all entities treated as one issuer with the City, and all subordinate entities whose obligations are treated as issued by the City) during this calendar year 2004 will not exceed $10,000,000; and (e) not more than $10,000,000 of obligations issued by the City during this calendar year 2004 have been designated for purposes of Section 265(b)(3) of the Code. The City shall use its best efforts to comply with any federal procedural requirements which may apply in order to effectuate the designation made by this section. 5. The City shall comply with requirements necessary under the Code to establish and maintain the exclusion from gross income under Section 103 of the Code of the interest on the Lease, including without limitation (1) requirements relating to temporary periods for investments, (2) limitations on amounts invested at a yield greater than the yield on the Lease, and (3) the rebate of excess investment earnings to the United States, if the Lease (together with other obligations reasonably expected to be issued and outstanding at one time in this calendar year) exceeds 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 N.... finds, determines and declares that (1) the Lease is issued by a governmental unit with