1991-11-01 - Laserfiche WebLink

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subordinate entities, to be issued in calendar year 1991 does not and will not exceed $10, 000, 000. The City further represents that (i) it does not reasonably expect that the aggregate principal amount of its tax-exempt obligations (including the Series 1991 Bonds of Series A but not including the Series 1991 Bonds of Series B Bonds but not including "private activity bonds" within the meaning of Section 141 of the Code) , including those of its subordinate entities, issued in calendar year 1990 will exceed $5, 000, 000 and (ii) the aggregate principal amount of the tax-exempt obligations issued by the City (including subordinate entities) during the year 1976 and the year 1978 (not including "industrial development bonds" within the meaning of Section 103 (b) (2) of the Internal Revenue Code of 1954 , as amended, but without regard to Section 103 (b) (3) (B) or "private loan bonds" within the meaning of Section 103 (o) (2) (A) but without regard to any exception other than Section 103 (o) (2) (C) ) did not exceed $5, 000, 000. (d) The City covenants that it will take no action which would cause the Series 1991 Bonds to be "federally guaranteed" within the meaning of Section 149 (b) of the Code; specifically, (A) the payment of any portion of principal or interest with respect to the Bonds will not be guaranteed (directly or indirectly) by the United States or any agency or instrumentality thereof and (B) not more than 5% of the proceeds of the Series 1991 Bonds (exclusive of • proceeds invested for an initial temporary period until needed for the purpose for which the Series 1991 Bonds were issued and proceeds deposited into the Bond Fund) will be invested (directly or indirectly) in federally insured deposits or accounts. Nothing in this Section shall prohibit investments in Series 1991 Bonds issued by the United States Treasury. (e) The City covenants that it will submit to the Secretary of the Treasury of the United States, not later than the 15th day of the second calendar month after the close of the calendar quarter in which the Series 1991 Bonds are issued, the statement required by Section 149 (e) of the Code. Section 30. Nothing in this Ordinance expressed or implied is intended or shall be construed to confer upon, or to give to, any person or entity, other than the City, the Trustee, and the registered owners of the Bonds, any right, remedy or claim under or by reason of this Ordinance or any covenant, condition or stipulation hereof, and all covenants, stipulations, promises and agreements in this Ordinance contained by and on behalf of the City shall be for the sole and exclusive benefit of the City, the Trustee, and the registered owners of the Bonds. Section 31. The provisions of this Ordinance are hereby declared to be separable and if any provision shall for any reason be held illegal or invalid, such holding shall not affect the validity of the remainder of the Ordinance. «vmY\batci.mz -30-