Ord 2008-038 - Laserfiche WebLink

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fund shall not be subject to the claim of any other person, including without limitation the bondholders. The Rebate Fund is established for the additional purpose of compliance with section 148 of the Code. (c) Proceeds. The City understands that the term "proceeds" includes "disposition proceeds" as defined in the Treasury Regulations and, in the case of refunding bonds, transferred proceeds (if any) and proceeds of the refunded bonds expended prior to the date of issuance of the Bond. It is the understanding of the City that the covenants contained herein are intended to assure compliance with the Code and any regulations or rulings promulgated by the U.S. Department of the Treasury pursuant thereto. In the event that regulations or rulings are hereafter promulgated which modify or expand provisions of the Code, as applicable to the Bond, the Cis, ??l not be required to comply with any covenant contained herein to the extent that such failure t. imply, in the opinion of nationally recognized bond counsel, will not adversely affect the e? ?lii?.,. ? from federal income taxation of interest on the Bond under section 103 of the Code. ' t the evt_ `ha' regulations or rulings are hereafter promulgated which impose additional requirem ?ts which a applicable to the Bond, the City agrees to comply with the additional require???ts t? ' ° extF t necessary, in the opinion of nationally recognized bond counsel, to prese? ?e try exem???_.?? rrom federal income taxation of interest on the Bond under section ' `?3 of the C •de 1n furtl °rance of such intention, the City hereby authorizes and directs the Cit;? ? gager c director .f Finance to execute any documents, certificates or reports required by the ?„ ? and t? ?ch elections, on behalf of the City, which may be permitted by the Code as are consl? ? with the purpose for the issuance of the Bond. (d) Disposition of Project. The ? ? covenant. hat the property constituting the projects as financed with the Refunded Obligations ?, not be ? ?ld or otherwise disposed in a transaction resulting in the receipt by the City o? - ??h or o?, cn,- sensation, unless the City obtains an opinion ofnationally-recognized bond co? ,nsel ? ` such sa?? or other disposition will not adversely affect the tax-exempt status of t' J L? nd. F ? pur cos, f ? he foregoing, the portion of the property comprising personal property ? ld disposed in thF ?rdin .iy course shall not be treated as a transaction resulting in the receipt of ? .?, r other compen ' ? .For purposes hereof, the City shall not be obligated to comply with t' ?s cove ` if it obtains an opinion that such failure to comply will not adversely affect the excludabii? v for fede? ???come tax purposes from gross income of the interest. Section 12. SALE 0? sOND. The Bond is hereby sold, pursuant to private placement therefor, on this date, and shall oe delivered to (the "Purchaser" or initially the "Registered Owner") at a price of $ (representing the par amount of the Bond}. The Bond shall initially be registered in the name of Section 13. APPROVAL OF INVESTMENT AND COMMITMENT LETTER. The Mayor or Mayor Pro-tem of the City is hereby authorized and directed to execute and deliver an Investment and Commitment Letter in substantially the form presented. The Mayor or Mayor Pro- tem is hereby authorized to amend, complete or modify such agreement as necessary and is further authorized to execute such agreement. SAN MARCOSI CO Rfdg Bonds2008:Ordinance 1