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® 0 <br /> C "Net Proceeds" means the face amount of the Series 2002 <br /> Bonds, plus accrued interest and premium, if any, less original <br /> issue discount, if any. <br /> "Private Business Use" means use directly or indirectly <br /> in a trade or business carried on by a natural person or in any <br /> activity carried on by a person other than a natural person, <br /> excluding, however, use by a state or local governmental unit and <br /> use as a member of the general public . <br /> The City agrees that, so long as the Series 2002 Bonds <br /> are outstanding, it will comply with the regulations of the United <br /> States Treasury pertaining to "output facilities" (presently <br /> §1 . 141-2 and following) . Without limiting the generality of the <br /> foregoing, the City has not, subsequent to February 22 , 1998, and <br /> the City will not, except upon receiving an opinion of counsel of <br /> national reputation with regard to the exemption from income tax of <br /> interest on state and local government obligations to the effect <br /> that the exemption of interest on the Series 2002 Bonds will not be <br /> adversely affected thereby, (a) enter into any contract for the <br /> providing of water or (b) enter into any amendment of any contract <br /> (regardless of when originally entered into) for the providing of <br /> water. <br /> (c) The Series 2002 Bonds are hereby designated as <br /> "qualified tax-exempt obligations" within the meaning of Section <br /> 265 of the Code . The City represents and covenants that it does <br /> not expect that the aggregate principal amount of its qualified <br /> tax-exempt obligations (excluding "private activity bonds" within <br /> the meaning of Section 141 of the Code which are not "qualified <br /> 501 (c) (3) bonds" within the meaning of Section 145 of the Code) , <br /> including those of its subordinate entities, to be issued in the <br /> current calendar year will exceed $10, 000, 000 . <br /> (d) The City covenants and represents that it does not <br /> expect to issue tax-exempt obligations during the current calendar <br /> year in excess of $5, 000, 000 in principal amount (exclusive of <br /> "private activity bonds" within the meaning of Section 148 (f) (4) (d) <br /> of the Code) . <br /> (e) The City covenants that it will take no action which <br /> would cause the Series 2002 Bonds to be "federally guaranteed" <br /> within the meaning of Section 149 (b) of the Code; specifically, (A) <br /> the payment of any portion of principal or interest with respect to <br /> the Series 2002 Bonds will not be guaranteed (directly or <br /> indirectly) by the United States or any agency or instrumentality <br /> thereof and (B) not more than 5% of the proceeds of the Series 2002 <br /> Bonds (exclusive of proceeds invested for an initial temporary <br /> period until needed for the purpose for which the Series 2002 Bonds <br /> were issued and proceeds deposited into the Bond Fund) will be <br /> • <br /> 10 <br />