Res 1997-094 - Laserfiche WebLink

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Lj)/JC- TA.,X EXEMPTION CERTIFICATE We, the duly chosen, qualified and acting City Manager ofth~ City Council (the "Council") for The City of San Marcos (the "City") and the City Secretary of the City Council, respectively, do hereby certifY in the name and on behalf of the City and the Council the following facts, estimates, circumstances and expectations, as of the date of execution and delivery of that certain Lease Agreement (the "Lease"), dated as of the date hereof, between the City of San Marcos and American Bank (the "Lessor"), as follows: r- 1. General. 1.1. Capacity. As officers of the City of San Marcos and the City Council of The City of San Marcos, as applicable, charged, with others, with the responsibility for issuing and delivering the Lease, our certification may be relied upon as the certification of the "issuer" pursuant to Treasury Regulation Section 1.148-2, and pÜrsuant to the applicable provisions of the Internal Revenue Code of 1986, as amended (the "Code"). . . 1.2. Documents. We are familiar with the Lease and an ordinance of the rity rnllnril which was adopted at a regular meeting of the City Council held on June 9. 1997 , authorizing the issuance and delivery of the Lease (the "Ordinance"). 2. The Lease. . 2.1. Purpose. The Lease is being executed and delivered to finance the costs of the equipment identified therein (the "Equipment"). 2.2. Date of Lease; Date of Issue. The Lease is dated as of June 11 . The date of issue is June 11 3. Amount and Distribution of Proceeds at Closing. 3.1. Sale to Purchaser. The Lease has been sold to the Lessor for the amount of $56,069.3 3 - plus accrued interest from the dated date of $ -0- , for a Net Purchase Price of$ 56.069.33 3.2. Issuance Costs and Net Proceeds. The net amount of proceeds ITom the sale of the Lease (Net Purchase Price of $ 56.069.33 less costs of issuance of $ -0- ) is $ 56.069.33 (the "Net Proceeds"). The amount necessary to accomplish the purpose set forth in Section 2.1 hereof and to pay accrued interest equals or exceeds $ 56.069.33. 3.3. Yield on the Lease. For purposes of this certificate, "yield" shall mean the discount factor, which, when used in computing the present value as of the date an obligation is acquired or issued of all scheduled payments of principal and interest on the obligation, results in an amount equaJ to, in the case of the Lease, the aggregate price paid for the Lease by purchasers thereof computed in accordance with Treasury Regulation Section 1.148-4, and, in the case of investments of proceeds of the Lease, the value thereof computed in accordance with Treasury Regulation Section 1.148-5. Yield on investments of proceeds of the Lease shall be calculated using the same fTequency interval for compounding interest as that used in calculating 1