2000 RES R-95-00 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16. 17I 18� 19 20 21 22 23 24 25 26 27 28 WHEREAS, the City Council hereby represents that: (1) said Refunding Bonds are not "private activity bonds" within the meaning of Section 141 of the Code; (2) the City, together with all of its subordinate entities, has I heretofore not issued any obligations (other than those obligations described in Paragraph (4) I below) in calendar year 2000 the interest on which is exempt from federal income tax under Section 103 of the Code; (3) the City reasonably anticipates that it, together with its subordinate entities, will issue during the remainder of calendar year 2000 obligations (other than those obligations described in Paragraph (4) below) the interest on which is exempt from federal income tax under Section 103 of the Code which, when aggregated with all obligations described in Paragraph (2) above, will not exceed an aggregate principal amount of $M000) 000; (4) notwithstanding Paragraphs (2) and (3) above, the City and its subordinate entities may have issued in calendar year 2000 and may continue to issue during the remainder of calendar year 2000 private activity bonds other than qualified 501(c)(3) bonds as defined in Section 145 of the Code; and WHEREAS, the City wishes to designate the Refunding Bonds as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Code. NOW, THEREFORE, the City Council of the City of Colton, hereby resolves: Section 1. The foregoing recitals are true and correct, and the City Council so finds and determines. Section 2. This City Council has reviewed all proceedings heretofore taken relative to the foregoing and has found, as a result of such review, and does hereby find and determine that all acts, conditions and things required by law to exist, to happen and to be 4