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<br />(ç) As provided in Section 148(f)(4)(C) of the Code, the City will not be required to rebate <br />arbitrage earnings, if any, on the proceeds of the Bonds, and in connection therewith the City hereby <br />represents that: (i) the City is a governmental unit with general taxing powers; (ij) the Bonds are <br />not private activity bonds within the meaning of 14l(a) of the Code; (Hi) 95 percent or more of the <br />net proceeds will be used for local governmental activities of the City; and (iv) the aggregate face <br />amount of all tax exempt obligations (other than private activity bonds) issued by the City (and aH <br />subordinate entities thereof) during the calendar year in which the Bonds are issued is not reasonably <br />expected to exceed $5,000,000. <br /> <br />(d) The Bonds are hereby designated "Qualified Tax Exempt Obligations" for purposes of Section <br />265 of the Code. The Bonds are not "private activity bonds" as defined in the Code and neither the <br />City nor any of its subordinate entities, if any, reasonably expect to issue in excess of $10,000,000 <br />aggregate amount of Qualified Tax Exempt Obligations during the calendar year in which the Bonds <br />are issued, and the City hereby covenants not to designate more than $10,000,000 aggregate amount <br />of Qualified Tax Exempt Obligations during this calendar year in which the Bonds are issued. <br /> <br />- 17 - <br />