Laserfiche WebLink
not reasonably expected to exceed $5,000,000, all within the meaning of Section 148(f)(4)(D) of <br />`— the Code. <br />17. Designation of Qualified Tax - Exempt Obligations. In order to qualify the <br />Certificates as "qualified tax- exempt obligations" within the meaning of Section 265(b)(3) of the <br />Code, the City hereby makes the following factual statements and representations: <br />(a) the Certificates are issued after August 7, 1986; <br />(b) the Certificates are not "private activity bonds" as defined in Section 141 of the <br />Code; <br />(c) the City hereby designates the Certificates as "qualified tax- exempt obligations" <br />for purposes of Section 265(b)(3) of the Code; <br />(d) the reasonably anticipated amount of tax- exempt obligations (other than private <br />activity bonds, treating qualified 501(c)(3) bonds as not being private activity bonds) which will <br />be issued by the City (and all entities treated as one issuer with the City, and all subordinate <br />entities whose obligations are treated as issued by the City) during this calendar year 2010 will <br />not exceed $30,000,000; and <br />(e) not more than $30,000,000 of obligations issued by the City during this calendar <br />year 2010 have been designated for purposes of Section 265(b)(3) of the Code. <br />`-- The City shall use its best efforts to comply with any federal procedural requirements which may <br />apply in order to effectuate the designation made by this paragraph. <br />`., <br />18. Severability. If any section, paragraph or provision of this resolution shall be held <br />to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, <br />paragraph or provision shall not affect any of the remaining provisions of this resolution. <br />19. Headings. Headings in this resolution are included for convenience of reference <br />only and are not a part hereof, and shall not limit or define the meaning of any provision hereof. <br />The motion for the adoption of the foregoing resolution was duly seconded by member <br />Ryan and, after a full discussion thereof and upon a vote being taken thereon, the following <br />voted in favor thereof: Mayor Adams, Council Members Ryan and Sjoblad <br />and the following voted against the same: None <br />Whereupon the resolution was declared duly passed and adopted. <br />11 <br />2504596v1 <br />