06-23-1997 Council Packet - Laserfiche WebLink

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r 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 Bonds are issued. 16. The 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 rebate requirements imposed under Section 148(f) of the Code and regulations thereimder, 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 Finance Director of the City is hereby authorized to make on behalf of the City all election that he 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 of Section 148 of the Code and regulations thereunder. All terms used in this paragraph 16 shall have the meanings provided in the Code and regulations thereunder. 17. The Bonds are hereby designated “qualified tax exempt obligations” for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986. 18. The City Clerk shall furnish a certified copy of this resolution to the County Auditor of Hennepin County, and obtain the County Auditor’s certificate as required by law. The motion for the adoption of the foregoing resolution was duly seconded by Member_________________ upon vote being taken thereon the following voted in favor thereof: and the following voted against the same: whereupon said resolution was declared duly passed and adopted. -15-