Ord 1993-037 - Laserfiche WebLink

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I'J-~AG- and issuance of the Bonds has been duly and effectively taken; and the Bonds in the hands of the Owners thereof are and wil1 be valid and enforceable obligations of the City in accordance with their terms. (c) The City hereby represents that the proceeds of the Bonds are needed at this time to refund the Refunded Bonds and to pay the costs of issuing the Bonds; that it is not reasonably expected that the proceeds of the Bonds or money deposited in the Interest and Sinking Fund will be used or invested in a manner that would cause the Bonds to be or become "arbitrage bonds," within the meaning of Section 148 of the Code; and that, except for the Interest and Sinking Fund, no other funds or accounts have been established or pledged to the payment of the Bonds. (d) The City will not take any action or fail to take any action with respect to the investment of the proceeds of the Bonds or any other funds of the City, including amounts received from the investment of any of the foregoing, that, based upon the facts, estimates, and circumstances known on the Closing Date, would result in constituting the Bonds "arbitrage bonds," within the meaning of Section 148 of the Code or "federally guaranteed" within the meaning of Section 149(d). The City will not take any deliberate action after the Closing Date that would cause the Bonds to be treated as arbitrage bonds. The City will otherwise comply with all the requirements of Sections 148 and 149 (d) of the Code. (e) The City hereby represents that all moneys which were sales proceeds of the Refunded Bonds and were initially deposited into the respective construction funds created by the ordinances authorizing the issuance of the Refunded Bonds, plus all interest earnings thereon, have been spent prior to the Closing Date. (f) The City will not take any action or fail to take any action which would result in the Bonds being treated as "private activity bonds," within the meaning óf Section 141(a) of the Code. (g) The City will comply with the provis ions of Section 148 ( f) of the Code (relating to paying certain excess earnings of investment proceeds of the Bonds to the United States) and the regulations promulgated thereunder. (h) 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. (i) The covenants 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. 4579f -29-