O-1991-1755 - Laserfiche WebLink

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. e opinion of. nationally-recognized bond counsel, to preserve the exemption from federal income taxation of interest on the Bonds under section 103 of the Code. SECTION 21. DESIGNATION AS QUALIFIED TAX-EXEMPT BONDS. The City hereby designates the Bonds as "qualified tax-exempt bonds" as defined in section 265(b)(3) of the Internal Revenue Code of J 986, as ameilded (the "Code"). III furtherance of such designation, the City represents, covenants, and warrants the following: (a) during the calendar year in which the Bonds are issued, the City (Including any subordinate entities) has not designated nor will designate bonds, which when aggregated with the Bonds, will result in more than $10,000,000 of "qualified tax-exempt bonds" being issued; (b) the CJty reusonably anticipates that the amount of tux-exempt obligations issued during the calendar year in which the Bonds are issued by the City (or any subordinate entities) will not exceed $10,000,000; and (c) the City will take such action or refrain from such action as necessary in order that the Bonds will not be considered "pl'ivate activity bonds" within the meaning of section 41 of the Code. SECTION 22. SALE OF BONDS. The Bonds are hereby sold and shull be delivered to Masterson Moreland Sauer Whisman, Inc. (the "Initial Purchaser"), pursuunt to the terms and provisions of the Purchase Contrnct attached hereto as Exhibit B and the Mayor is hereby authorized to execute and deliver such Purchase Contract. The Bonds shall initially be registercd in the name of Masterson Moreland Sauer Whisman, Inc. The officers of the Issuer ore hereby authorized .and directed to execute and deliver such certificates, instructions, or other Instruments as are required 01' necessary to accomplish the purposes of this Ordinance. SECTION 23. PROCEEDS OF SALI~. The proceeds of the Bonds shall be placed 'into the Interest and Sinking Fund and the Escrow Fund of the Issuer as follows: (a) Interest and Sinkine: Fund. An amount equal to the accrued interest on the Bonds from the date of the Bonds to the date of delivery to the Initial Purchaser shall be deposited in the Interest and Sinking Fund. (b) Escrow Fund. The proceeds of the Bonds remaining after the above described deposit into the Interest and Sinking Fund shall be placed in the Escrow J."'und (after created) to be used by the Issuer for the purposes described in the Escrow Agreement hereafter authorized. SECTION 24. APPROVAL OF OFFICIAL STATEMENT. The Issuer hereby approves the form and content of the Official Statement relating to the Bonds, and any addenda, supplement, or amendment thereto and approves the distribution of such Official Statement in the reoffering of the Bonds by the Initial Purchasers in final form, with such changes therein or additions thereto as the officer executing the same may deem advisable, such determination to be conclusively evidenced by his execution thereof. It Is further officially found determined and declared that the statemcnts and representotions contained in said Official Stafement are true and correct in 26