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<br /> (b) the Lessee fails to meet each of the following requirements: <br /> (1) Lessee is a governmental unit with general taxing powers; and <br /> (2) the Lease is not a "private activity bond" as defined in Section 141 of the Code; and <br /> (3) . ninety-five percent or more of the net proc2eds of the Lease are used for the governmental <br /> activities of Lessee; and <br /> (4) the aggregate face amount of all tax exempt bonds and other tax exempt obligations (other <br /> than "private activity bonds") issued by Lessee (and any subordinate entities of Lessee as contemplated <br /> by Section 148(f) of the Code) during the calendar year in which the Lease is issued is not reasonably <br /> expected to exceed $5,000,000; <br /> then Lessee shall comply with the requirements of Section 148(f) of the Code and will rebate to the United States of America all <br /> arbitrage profit required thereby. Lessee hereby covenants to comply with all requirements of the Code and Regulations relating <br /> to the rebate of arbitrage profit to the United States of America. <br /> 10. To be best of the knowledge and belief of the undersigned, the expectations of Lessee, as set forth above, are <br /> reasonable; and there are no present facts, estimates and circumstances which would change the foregoing expectations. <br /> 11. Lessee has not been notified of the listing or proposed listing of it by the Internal Revenue Service as an issuer <br /> whose arbitrage certificates may not be relied upon. <br /> IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Arbitrage and tax Certificate as of this <br /> MAY 22 ,199a <br /> City of San Marcos <br /> ("Lessee") <br /> ~/ <br /> . . ~. ~ <br /> By. It'-. b~~b <br /> Title: CITY MA GER <br />