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Ordinance 99-72
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Ordinance 99-72
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Last modified
7/20/2010 10:35:55 AM
Creation date
1/25/2006 4:40:52 PM
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CityClerk-Ordinances
Ordinance Number
99-72
Date (mm/dd/yyyy)
06/17/1999
Description
Utilities Tax Revenue Bond, Series 1999, $1 Million (Recreat
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<br />Bond be at any time found by anyone, and such duplicate 1999 Bond shall be entitled to equal <br />proportionate benefits and rights as to lien on the source and security for payment from Pledged <br />Revenues with the 1999 Bond issued hereunder. <br /> <br />SECTION 2.6 CONDITIONS FOR ISSUANCE OF THE 1999 BOND. Prior to <br />the issuance of the 1999 Bond, the City shall comply with the following conditions: <br /> <br />(a) Deliver to the Bank a fully executed Tax Certificate; and <br /> <br />(b) Deliver to the Bank a copy ofa completed and executed Form 8038-G to be filed by <br />the City with the Internal Reyenue Service; and <br /> <br />(c) Cause to be delivered to the Bank an opinion of Bond Counsel, who may be counsel <br />to the Bank, regarding, as the case may be, the due authorization, execution, delivery, validity and <br />enforceability of the 1999 Bond and the pledge of the Pledged Revenues therefor and the due <br />adoption of this Ordinance (enforceability of such instruments may be subject to standard <br />bankruptcy exceptions and the like) and the exclusion of interest on the 1999 Bond from gross <br />income for federal income tax purposes, that the 1999 Bond is not a specified "private activity <br />bond" within the meaning of Section 57(a)(5) of the Code and, therefore, the interest on the 1999 <br />Bond will not be treated as a preference item for purposes of computing the alternative minimum <br />tax imposed by Section 55 of the Code (however, a portion of the interest on the 1999 Bond owned <br />by corporations may be subject to the federal alternative minimum tax which is based in part on <br />adjusted current earnings). Such opinion shall also state that the 1999 Bond is a "qualified tax- <br />exempt obligation" within the meaning of Section 265(b)(3) of the Code; and <br /> <br />(d) Deliver to the Bank an opinion of the City Attorney, satisfactory to the Bank and its <br />counsel, regarding, as the case may be, the due authorization, execution, delivery, validity and <br />enforceability of the 1999 Bond and the first perfected pledge of the Pledged Revenues therefor, <br />and the due adoption of this Ordinance (enforceability may be subject to standard bankruptcy <br />exceptions and the like); and <br /> <br />(e) Deliver to the Bank a general certificate of the City in form satisfactory to the Bank <br />and its counsel certifying, among other things, that the City is in compliance with the term of the <br />Ordinance. <br /> <br />SECTION 2.7 INTEREST RATE ADJUSTMENT. If the interest on the 1999 <br />Bond while registered in the name of the Bank becomes includable in the gross income of the Bank <br />for federal income tax purposes as determined in the manner set forth below (herein a <br />"Determination of Taxability") the interest rate on the 1999 Bond shall be adjusted so that the 1999 <br />Bond shall bear interest at the Prime Rate. A Determination of Taxability shall have deemed to <br />occur when (i) the Bank has been advised in writing by the Internal Revenue Service that the <br />interest payable on the 1999 Bond must be includable in the gross income of the Bank for federal <br />income tax purposes or (ii) the entry by a court of a final judgment or order or the promulgation by <br />the Internal Revenue Service of a final ruling or decision, in either such case to the effect that the <br />interest on the 1999 Bond is includable for federal income tax purposes in the gross income of the <br />Bank. <br /> <br />11 <br />
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