Ord 2002-054 - Laserfiche WebLink

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regulations promulgated thereunder. This covenant includes the maintenance of records regarding investments acquired with the proceeds by or on behalf of the City adequate to calculate the City's rebate liability. (e) It is the understanding of the City that the covenants contained herein are intended to assure compliance with the regulations and rulings issued by the Internal Reyenue Service. In the event that regulations or rulings are hereafter issued which modify or expand proyisions of the Code, as applicable to the Bonds, the City will not be required to comply with any coyenant contained herein to the extent that such failure to comply, in the opinion of nationally-recognized bond counsel, will not adversely affect the exclusion from gross income of interest on the Bonds under Section 103 of the Code. In the event that regulations or rulings are hereafter issued which impose additional requirements which are applicable to the Bonds, the City agrees to comply with the additional requirements to the extent necessary, in the opinion of nationally-recognized bond counsel, to preserve the exclusion from gross income of interest on the Bonds for federal tax purposes under Section 103 of the Code. (f) Proper officers of the City charged with the responsibility of issuing the Bonds are hereby directed to make, execute and deliyer certifications as to facts, estimates and circumstances in existence as of the Closing Date and stating whether there are any facts, estimates or circumstances that would materially change the City's current expectations. (g) The coyenants and representations made or required by this Section are for the benefit of the Owners and may be relied upon by the Owners and Bond Counsel for the City. (h) The covenants set forth in subsections (b), (c), (d) and (e) of this Section shall survive the later of the defeasance or discharge of the Bonds. (i) Proper officers of the City charged with the responsibility of issuing the Bonds are hereby directed to make, execute and deliver certifications as to facts, estimates and circumstances in existence as of the Closing Date and stating whether there are any facts, estimates or circumstances that would materially change the City's current expectations. Section 10.08. Provisions Relating to Municipal Bond Insurance. (a) Additional Definitions. (i) "Insurance Policy" means the insurance policy issued by the Bond Insurer guaranteeing the scheduled payment of principal of and interest on the Bonds when due. (ii) "Insurer" means Financial Security Assurance Inc., a New York stock insurance company, or any successor thereto or assignee thereof. R:\San Marcos\EUS Rfdg.02\Docs\OrdinanceIFinal.wpd 32