02-24-2003 Council Packet - Laserfiche WebLink

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r It is hereby found and determined that the taxes previously levied in the amount of $75,000, if collected in full, together with funds appropriated therefor, will produce at least five percent in excess of the amount needed to meet when due the payments on the Certificates. 9. The City Clerk is authorized and directed to prepare and furnish to the purchaser and to the attorneys approving the Certificates, certified copies of all proceedings and records relating to the issuance of said General Obligation Equipment Certificates of Indebtedness, Series 2003 and to the right, power and authority of the City and its officers to issue tlie same, and said certified copies and certificates shall be deemed the representations of the City as to all matters stated therein. 10. 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(e) 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 Certificates are issued. 11. The City shall not take or permit any action that would cause the Certificates to be “private activity bonds” within the meaning of Section 141 of the Code. The City shall comply with the rebate requirements imposed under Section 148(0 of the Code and regulations thereunder, including (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 of the City is hereby authorized to make on behalf of the City all elections that he may deed necessary and expedient under Section 148 of the Code. In addition, the City shall make no investment of funds that would cause the Certificates to be “arbitrage bonds” within the meaning of Section 148 of the Code and regulations thereunder. All terms used in this paragraph 11 shall have the meanings provided in the Code and regulations thereunder. 12. The City Clerk shall furnish a certified copy of this resolution to the County Auditor of Hennepin County, and obtp*n the County Auditor's certificate as required by law. 13. The Certificates are designated as “qualified tax exempt obligations” for purposes of Section 265(1))(3) of the Code.