12-11-1995 Council Packet - Laserfiche WebLink

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15. The Official Stalement relating to the Bonds, on file with the Clerk and presented to this meeting, is hereby ^proved and its designation as a “near final" Official Statement for purposes of Rule 15c2-l 2 promulgated by the Secunties and Exchange Commission under the Securities Exchange Act of 1934, as amended, aitd 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 16. 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 Rev enue Code of 1986, as amended (the “Code"), by the 15th da>' of the second calendar month after the close of the calendar quarter in which the Bonds are issued. 17. The Cit>' 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(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 TTie City expects to be exempt trom the rebate requirements by reason of Section 148(f)(4)(D) of the Code I he City Clerk of the City is hereby authorized to make on behalf of the City all elections 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 u.sed m this paragraph 17 shall have the meanings provided in the Code and regulations thereunder 18 I he Bonds are heieby designated “qualified tax exempt obligations” for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986 19. The City Clerk shall furnish a certified copy of this resolution to the County Auditor of Hennepin County, and obtain the ('ounty Auditor’s certificate as required by law. The motion for the adoption ol the foregoing resolution was dulv seconded by Member __________________upon vote being taken thereon the fidlowmg voted in favor thereof and the follovvme voted against the same whereupon said resolution was declared duly passed and adopted -14-