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' i�� <br /> � O _ I <br /> • O O <br /> ��b. - CITY of ORONO <br /> � � <br /> �� G'�' RESOLUTION OF THE CITY COUNCIL <br /> ��`9�CESHpg'� . NO. � � � � <br /> �� <br /> It is hereby found and determined that the taxes previously levied in the amount of <br /> $50,000, if collected in full,together with funds appropriated therefor,will produce at least five <br /> percent in excess of the amount needed to meet when due the payments on the Certificates. <br /> 9. The City Clerk is authorized and directed to prepare and furnish to the <br /> purchaser and to the attorneys approving the Certificates, certified copies of all proceedings and <br /> records relating to the issuance of said General Obligation Equipment Certificates of <br /> Indebtedness, Series 2002 and to the right,power and authority of the City and its officers to <br /> issue the same, and said certified copies and certificates shall be deemed the representations of <br /> the City as to all matters stated therein. . <br /> 10. The officers of the City are hereby authorized and directed to prepare and <br /> furnish to the Secretary of the Treasury a statement meeting the information reporting � <br /> requirements of Section 149(e) of the Internal Revenue Code of 1986, as amended (the "Code"), <br /> • by the 15th day of the second calendar month after the close of the calendar quarter in which the <br /> Certificates are issued. <br /> 11. The City shall not take or permit any action that would cause the �� <br /> Certificates to be "private activity bonds"within the meaning of Section 141 of the Code. The f <br /> City shall comply with the rebate requirements imposed under Section 148(fl of the Code and <br /> regulations thereunder, including (if applicable)the requirement to make periodic calculations of � . <br /> the amount subject to rebate thereunder and the requirement to make all required rebates to the <br /> United States. The City Clerk of the City is hereby authorized to make on behalf of the City all ' <br /> elections that he may deed necessary and expedient under Section 148 of the Code. In addition, <br /> the City shall make no investment of funds that would cause the Certificates to be"arbitrage <br /> bonds"within the meaning of Section 148 of the Code and regulations thereunder. All terms <br /> used in this paragraph 11 shall have the meanings provided in the Code and regulations <br /> thereunder. � � � : <br /> 12. The City Clerk shall furnish a certified copy of this resolution to the ' <br /> County Auditor of Hennepin Courity, and obtain the County Auditor's certificate as required by <br /> law. ' <br /> 13. The Certificates are designated as "qualified tax exempt obligations"for <br /> purposes of Section 265(b)(3) of the•Code. � <br /> � <br /> . Page 7 of 8 <br />