5.1 Plow Truck Equipment Certificate

Home Browse Search

12. Reimbursement Expenditures.None of the proceeds of the Certificate will be used to reimburse the City for reimbursement expenditures. 13. Monitoring of Expenditures and Investments. The City will monitor the investment of bond proceeds to assure compliance with Section 148 of the Code, and the City will consult with bond counsel periodically with regard to arbitrage issues and compliance. 14. Basis For Expectations. The facts and estimates on which the foregoing expectations are based are (a) the documents included in the "Transcript" prepared for the Certificate Closing, (b) all contracts, if any, heretofore executed for the acquisition of the Equipment, (c) all expenditures which were heretofore made by the City for the acquisition of the Equipment and which are to be reimbursed out of the proceeds of the Certificate, and (e) such other facts and estimates, if any, as may be set forth in an Exhibit A attached hereto;if any. 15. No Abusive Arbitrage Device. No "abusive arbitrage device" within the meaning of Section 1.148-10 of the Regulations is used in connection with the Certificate. No action relating to the Certificate has the effect of(a) enabling the City to exploit the difference between tax-exempt and taxable interest rates to obtain a material financial advantage and (b) overburdening the tax-exempt bond market. 16. Familiarity; Conclusion. We are generally familiar with the requirements of the Regulations, and nothing has been called to our attention to cause us to believe that the proceeds of the Certificate will be used in a manner which would cause the Certificate to be arbitrage bonds within the meaning of Section 148 of the Code. 17. No Other Facts. To the best of the knowledge and belief of the undersigned, there are no other facts, estimates or circumstances which would materially change the foregoing facts and conclusions. Dated: February 15, 2022. 4 72511770v1