Laserfiche WebLink
1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />Section 1. The foregoing recitals are true and <br />correct and this City Council hereby so finds and determines. <br />Section 2. The City hereby authorizes the <br />Authority to pledge as security for the Bonds, that portion <br />of the sales tax revenues allocable to the City pursuant to <br />the Ordinance, and the City hereby requests proceeds of the <br />Bonds in the Amount o $3,000,000 to finance certain City <br />Projects shown in Schedule A attached hereto. <br />Section 3. The City agrees to cooperate with <br />the Authority and its financing team in connection with the <br />issuance by the Authority of the Bonds, including, without <br />limitation; providing project, financial and demographic <br />information and responding to all reasonable requests of <br />potential Bond investors, rating agencies and credit <br />enhancement providers with respect to such information, <br />and executing or causing the execution of all documents, <br />certificates and opinions reasonably requested by the <br />Authority financing transaction described herein. <br />Section 4. The City understands that the Bonds <br />are to be issued as tax-exempt obligations and that the <br />financin documents will contain a covenant by the Authority <br />that it will not take any action, or fail to take any action, <br />if any such action or failure to take action would adversely <br />affect the exclusion from gross income of the interest on <br />the Bonds under Section 103 of the Internal Revenue Code. <br />The City agrees to be bound by such covenant contained in <br />the Bond financing documents to the same extent as the <br />Authority. <br />