12-13-2004 Council Packet - Laserfiche WebLink

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» -t • fci the City Council shall levy additional general ad valorem taxes on all taxable property in the City, if necessary, to pay the principal of and interest on the Bonds when due. 12. The City Clerk is authorized and directed to prepare and furnish to the purchaser and to the attorneys approving the Bonds, certified copies of all proceedings and records relating to the issuance of said General Obligation Improvement Refunding Bonds, Series 2004B and to the right, power and authority of the City and its officers to issue the same, and said certified copies and certificates shall be deemed the representations of the City as to all matters stated therein. 13. The Official Statement relating to the Bonds, on file in the office of the Clerk and presented to this meeting, is hereby approved and its designation as a “near final” Official Statement for purposes of Rule 15c2-12 of the Securities and E.xchange Commission and the furnishing thereof to prospective purchasers of the Bonds are hereby ratified and confirmed, insofar as the same relates to the Bonds and the sale thereof. 1 he Continuing Disclosure Certificate included in the Official Statement is hereby approved and shall be executed and delivered in connection with the delivery of the Bonds. The Continuing Disclosure Certificate constitutes a contractual obligation in accordance with its terms. 14. The officers of the City are hereby authorized and directed to prepare and furnish to the Secretary of the Treasury a statement meeting the information reporting requirements of Section 149(c) of the Internal Revenue Code of 1986, as amended (the “Code”), by the 15th day of the second calendar month after the close of the calendar quarter in which the Bonds are issued. 15. 1 he City shall not take or permit any action that would cause the Bonds to be “private activity bonds” within the meaning of Section 141 of the Code. The City shall comply with the reba’e requirements imposed under Section 148(f) of the Code and regulations thereunder ..mding (if applicable) the requirement to make periodic calculations of the amount subject to rebate thereunder and the requirement to make all required rebates to the United States. The City Clerk and City Administrator of the City is hereby authorized to make on behalf of the City all elections that they may deem necessary and expedient under Section 148 of the Code. In addition, the City shall make no investment of funds that would cause the Bonds to be “arbitrage bonds” within the meaning ot Section 148 of the Code and regulations thereunder and will restrict the yield on amounts which are replacement proceeds of the Bonds to the extent necessaiy for that purpose. All terms used in this paragraph 15 shall have the meanings provided in the Code and regulations tliereunder. 16. The Bonds are hereby designated qualified tax exempt obligations for purposes of Section 265(b)(3) of the Code. 17. The Prior Bonds are called for redemption and prior payment on February 1, 2005 and the Clerk shall give notice thereof as required by law and tlie terms of the Prior Bonds. In addition to the proceeds of the Bonds, funds available in the accounts maintained for the Prior Bonds are appropriated for that purpose.