Res 1997-094 - Laserfiche WebLink

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LIS/< d. For purposes of Section I48(f) of the Code, which exempts obligations of certain" small governmental units" ITom the arbitrage rebate requirements of the Code, Lessee hereby declares that (I) Lessee is a political subdivision of the State, is a governmental unit with general powers of taxation, and is not a subordinate entity of any other political subdivision or other governmental unit of the State; (ii) this Lease will not at any time be a "private activity bond"; (iii) ninety-five percent (95%) or more of the net proceeds under this Lease will be used for local governmental activities of Lessee as described in Section 148(f) of the Code; and (iv) anything in this Lease to the contrary notwithstanding, including, without limitation, the provisions of subsection (c) of this Section, the aggregate face amount of all tax-exempt obligations, not including obligations that, when issued, are and are intended to be "private activity bonds," that are reasonably expected (based on Lessee's prior experience and all other relevant factors) to be issued by Lessee and all subordinate entities thereof during the calendar year in which this Lease is dated will not exceed $5,000,000.00. Neither ,- Lessee nor any subordinate entity thereof will issue any tax-exempt obligations during the calendar year in which this Lease is dated that, when added to the face amount of all other tax-exempt obligations so issued in such year (not including "private activity bonds" as described in clause "iv" above) will be in excess of $5,000,000.00 unless, prior to such issuance, Lessee, for itself and on behalf of its subordinate entity, if appropriate, shall have obtained an opinion oflegal counsel acceptable to and for the benefit of Lessor, with nationally recognized standing in matters pertaining to tax-exempt obligations, to the effect that such issuance will not result in Lessee being ineligible for the arbitrage rebate exemption described above. e. Lessee will assure that the proceeds of the Lease are not so used as to cause the Lease to satisfy the private loan financing test of Section 141 (c) of the Code. r Lessee will not take or permit or suffer to be taken any action to be taken if the result of the same would be to cause the Lease to be "federally guaranteed" within the m~aning of Section 149(b) of the Code. cr Lessee will not take, or permit or suffer to be taken, any action with respect to the proceeds o. of the Lease which, if such action had reasonably expected to have been taken, or had been deliberately and intentionally taken, on the date of this Lease would have caused this Lease to be an "arbitrage bond" within the meaning of Section 148 of the Code. h. Inasmuch as the proceeds of this Lease have all been expended on the date hereof for the purpose set forth herein, Lessee is not required to provide an issuer's certification pursuant to Treasury Regulation 1. 148-2(b )(I)(ii)(A). - 1. Lessee will ensure that proceeds of the Lease are not used to reimburse expenditures previously paid by Lessee, except in compliance with the requirements of Treasury Regulation § 1.03-18. 19. LOCA TIaN. Lessee will not, without the prior written consent of Lessor specifYing a new location, permit the Equipment or any part thereof to be removed ITom the location shown in (a) the Equipment Schedule, or (b) any such prior consent. ' 20. INSPECTION AND NOTICE. Lessor shall have the right to inspect the Equipment at any time during business hours. Lessee shall give Lessor immediate notice of any attachment, garnishment, levy or other judicial process affecting any of the Equipment and shall advise the Lessor, upon Lessor's request, of the location of any Equipment. 12