O-2005-2858 - Laserfiche WebLink

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result in more than $10,000,000 of "qualified tax-exempt obligations" being issued and (b) that the City has examined its fmancing needs for the calendar year 2006 and reasonably anticipates that the amount of bonds, leases, loans or other obligations, together with the Obligations and any other tax-exempt obligations heretofore issued by the City (plus those of all entities which issue obligations on behalf of the City) during the calendar year 2006, when the higher of the face amount or the issue price of each such tax-exempt obligation issued for the calendar year 2006 by the City is taken into account, will not exceed $10,000,000. Section 7.6: Related Matters. In order that the City shall satisfy in a timely manner all of its obligations under this Ordinance, the Mayor, City Secretary and all other appropriate officers, agents, representatives and employees of the City are hereby authorized and directed to take all other actions that are reasonably necessary to provide for the issuance and delivery of the Obligations, including, without limitation, executing and delivering on behalf of the City all certificates, consents, receipts, requests, notices, and other documents as may be reasonably necessary to satisfy the City's obligations under this Ordinance and to direct the transfer and application of funds of the City consistent with the provisions of this Ordinance. ARTICLE VIII COVENANTS Section 8.1: Financial Reporting. The City shall provide annual audited financial statements of the City to the Purchaser within 180 days of the close of each Fiscal Year. Section 8.2: Determination of Taxability. (a) Upon (i) receipt of written notice from the Internal Revenue Service which, in the opinion of bond counsel to the City, has the effect of rendering interest on the Obligations includible in the gross income of the holders thereof, or (ii) receipt by the Purchaser of a written opinion of bond counsel selected by the Purchaser and approved by the City (which approval shall not be unreasonably withheld) to the effect that interest on the Obligations is includible in the gross income of the holders thereof, the City shall pay interest (including interest for prior years from the date of determination of taxability, if applicable) to the holders of the Obligations at a rate per annum determined in accordance with Section 3.3(b) hereof; provided, however, that payment of interest on the Obligations pursuant to Section 3.3(b) shall be required only to the extent and during the period of time that interest on an Obligation is determined to includible in the gross income of the holder thereof. (b) To the extent that the City is required to pay interest at an increased rate pursuant to subsection (a) of this Section 8.2 (and in the absence of other available funds on hand to pay such interest), the amount of such increase in interest shall be due (i) on the first Interest Payment Date which (A) occurs during the first Fiscal Year in which the City is able to include an amount in its annual ad valorem debt service tax rate to provide for payment of such increased interest and (B) next follows the last date on which a taxpayer may pay such ad valorem tax without 16 HOU:2516661.4