08-10-1992 Council Packet - Laserfiche WebLink

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U.rbI'- Finance Director may create separate accounts within the Improvement Bonds of 1992 Fund for any capitalized interest and for assessment prepayments. 10. It is hereby found and determined that the estimated collection of special assessments pledged for the payment of said Bonds will produce at least five percent in excess of the amount needed to meet, when due, the principal and interest payments on the Bonds so that no general taxes are initially required to be levied for such purpose, but the Bonds are general obligations of the City to which the full faith, credit and unlimited taocing powers of the City have been and are hereby pledged; and the City Council shall levy 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. It is further found and determined that the special benefits to be assessed against assessable property for the Improvement will, in any case, be more than 20% of the cost of the Improvement to the City. 11. 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 Sewer Improvement Bonds, Series 1992 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. 12. The Official Statement relating to the Bonds, on file with 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 Exchange 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. 13. 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 1936, as cunended (the "Code"), by the 15th day of the second calendar month after the close of the calendar quarter in which the Bonds are issued. 14. 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 requireinents imposed under Section 148(f) of the Code and regulations thereunder, including (if applicable) the requirement to make periodic calculations of the aunount s\^ject to rebate thereunder and the requirement to make all required -11- a