01-016 - Laserfiche WebLink

Home Browse Search

Statutes, Section 475.63. 4.04. The City may pledge Available Tax Increments to any other general obligations or revenue obligations on a superior, parity or subordinate basis with the pledge to the Bonds under this resolution. Notwithstanding anything to the contrary herein, the City reserves the right to reduce, modifY or terminate the pledge of Available Tax Increments to the payment of the Bonds to the extent and in the manner permitted by law so long as such action does not preclude the City from paying when due the principal of and interest on the Bonds or otherwise impair the City's full faith and credit pledge, and to apply to other lawful purposes the Available Tax Increments to the extent and in the manner pennitted by law. Section 5. Authentication of Transcript. 5.01. The officers of the City are authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds, certified copies of proceedings and records of the City relating to the Bonds and to the financial condition and affairs of the City, and such other certificates, affidavits and transcripts as may be required to show the facts within their knowledge or as shown by the books and records in their custody and under their control, relating to the validity and marketability of the Bonds, and such instnunents, including any heretofore furnished, will be deemed representations of the City as to the facts stated therein. 5.02. The Mayor and City Finance Director-Clerk are authorized and directed to certify that they have examined the Official Statement prepared and circulated in connection with the issuance and sale of the Bonds and that to the best of their knowledge and belief the Official Statement is a complete and accurate representation of the facts and representations made therein as of the date of the Official Statement. Section 6. Tax Covenant. 6.01. The City covenants and agrees with the holders from time to time of the Bonds that it will not take or permit to be taken by any of its officers, employees or agents any action which would cause the interest on the Bonds to become subject to taxation under the Internal Revenue Code of 1986, as amended (the Code), and the Treasury Regulations promulgated thereunder, in effect at the time of such actions, and that it will take or cause its officers, employees or agents to take, all affirmative action within its power that may be necessary to ensure that such interest will not become subject to taxation under the Code and applicable Treasury Regulations, as presently existing or as hereafter amended and made applicable to the Bonds. 6.02. The City will comply with requirements necessary under the Code to establish and maintain the exclusion from gross income of the interest on the Bonds under Section 103 of the Code, including without limitation requirements relating to temporary periods for investments, limitations on amounts invested at a yield greater than the yield on the Bonds, [and the rebate of excess investment earnings to the United States if the Bonds (together with other obligations reasonably expected to be issued in calendar year 2001) exceed the small-issuer exception amount of $5,000,000. SJB-192217vl NE \36-166