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<br />ARBITRAGE <br /> <br />We further certify and reasonably expect with respect to <br />the Bonds as follows: <br /> <br />1. The proceeds of the Bond will be used to finance <br />expenses incurred and to be incurred for the Project. <br /> <br />2. The City has entered into substantial binding obli- <br />gations, as defined in Section 103(c) of the Internal Rev- <br />enue Code of 1954, as amended (the "Code"), and the regula- <br />tions thereunder (the "Regulations"), to commence the con- <br />struction of the Project within six (6) months from the date <br />of issue of the Bond, and the amount to be expended pursuant <br />to such obligations will exceed two and one-half percent (2- <br />1/2%) of that portion of the estimated total Project costs <br />financed by the Bond. <br /> <br />3. Work on the Project is proceeding and will proceed <br />with due diligence to completion. <br /> <br />4. At least eighty-five percent (85%) of the spendable <br />proceeds of the Bond, as defined in Section 103(c) of the <br />Code and the Regulations, will be expended on the Project <br />within three (3) years of the date of issue of the Bond. <br /> <br />5. The Project will not be sold or otherwise disposed <br />of, in whole or in part, prior to the last maturity of the <br />Bond. <br /> <br />6. The original proceeds of the Bond will not exceed <br />the amount necessary for the purposes of the issue by more <br />than five percent (5%). <br /> <br />7. The principal installments of and interest on the <br />Bond have been made payable from a special fund (the "Bond <br />Fund") of the City established for such purpose: if the <br />balance in the Bond Fund is at any time insufficient to pay <br />all interest and principal, when due, on all Bonds payable <br />therefrom, the payment shall be made from any fund of the <br />City which is available for that purpose. subject to reim- <br />bursement from the Bond Fund when the balance therein is <br />sufficient; the moneys appropr iated to the Bond Fund are <br />estimated to be at least sufficient to pay the pr incipal <br />installments of and interest on the Bond, when due, but the <br />moneys accumulated in the Bond Fund from time to time are <br />not expected at any time to exceed an amount equal to fif- <br />teen percent (15%) of the original principal amount of the <br />Bond plus the aggregate amount of principal and interest <br />payable on the Bond within the following thirteen (13) <br />months. If at any time moneys accumulated in the Bond Fund <br />exceed such sum, the excess over such amount will be in- <br />