2015-12-02-R - Laserfiche WebLink

Home Browse Search

in respect of such property; or (b) is to be derived from payments (whether or not to Lessee) in respect of property or borrowed money used or to be used for a trade or business carried on by any person other than a governmental unit. Section 5. No portion of the gross proceeds of the Agreement are used (directly or indirectly) to make or finance loans to persons other than governmental units. Section 6. Lessee hereby designates the Agreement as a qualified tax-exempt obligation for purposes of Section 265(b) of the Code. Section 7. In calendar year 2016, Lessee has designated $687,590.00 of tax-exempt obligations (including the Agreement) as qualified tax-exempt obligations. Including the Agreement herein so designated, Lessee will not designate more than $10,000,000 of obligations issued during calendar year 2016 as qualified tax-exempt obligations. Section 8. Lessee reasonably anticipates that the total amount of tax-exempt obligations (other than private activity bonds) to be issued by Lessee during calendar year 2016 will not exceed $10,000,000. Section 9. For purposes of this resolution, the amount of Tax-exempt obligations stated as either issued or designated as qualified tax-exempt obligations includes tax-exempt obligations issued by all entities deriving their issuing authority from Lessee or by an entity subject to substantial control by Lessee, as provided in Section 265 (b)(3)(E) of the Code. Section 10. The assessed value of taxable property located within the municipality or county is $166,694,973.00 as determined by the last completed tax assessment. Section 11. The aggregate principal amount of short-term financing obligations incurred by Lessee, including the obligations under the Agreement, does not exceed five percent(5%), if Lessee is a municipality, or two and one-half percent(2'/2%), if Lessee is a county, of the assessed value of taxable property located within the municipality or county, as determined by the last completed tax assessment. Section 12. The Authorized Officer is further authorized for and on behalf of the Governing Body and the Lessee to do all things necessary in furtherance of the obligations of the Lessee pursuant to the Agreement, including execution and delivery of all other documents necessary or appropriate to carry out the transactions contemplated thereby in accordance with the terms and provisions thereof. Adopted this��day of , 2015 Rick Elumbau , or Attest: l Denise M. Johnston, City lerk