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2000-011-ORD AUTHORIZING ISSUANCE OF WATERWORKS AND SEWER SYSTEM REVENUE BONDS SERIES 2000
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2000-011-ORD AUTHORIZING ISSUANCE OF WATERWORKS AND SEWER SYSTEM REVENUE BONDS SERIES 2000
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Last modified
8/18/2006 4:37:04 PM
Creation date
3/30/2001 2:04:48 PM
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CITY CLERK
Doc Name
2000
Doc Type
Ordinance
CITY CLERK - Date
2/22/2000
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<br />the Issuer, with respect to such private business use, do not, under the terms of this Ordinance, or <br />any underlying arrangement, directly or indirectly, secure or provide for the payment of more than <br />10 percent of the debt service on the Bonds, in contravention of Section 141 (b )(2) of the Code; <br /> <br />(b) to take any action to assure that in the event that the "private business use" described in <br />subsection (a) hereof exceeds 5 percent of the proceeds of the Bonds or the projects financed <br />therewith (less amounts deposited into a reserve fund, if any) then the amount in excess of 5 percent <br />is used for a "private business use" which is "related" and not "disproportionate," within the meaning <br />of Section 141 (b )(3) of the Code, to the governmental use; <br /> <br />(c) to take any action to assure that no amount which is greaterthan the lesser of$5,000,000, <br />or 5 percent of the proceeds of the Bonds (less amounts deposited into a reserve fund, if any) is <br />directly or indirectly used to finance loans to persons, other than state or local governmental units, <br />in contravention of Section 141 (c) of the Code; <br /> <br />(d) to refrain from taking any action which would otherwise result in the Bonds being treated <br />as "private activity bonds" within the meaning of Section 141 (b) of the Code; <br /> <br />(e) to refrain from taking any action that would result in the Bonds being "federally <br />guaranteed" within the meaning of Section l49(b) of the Code; <br /> <br />(f) to refrain from using any portion of the proceeds of the Bonds, directly or indirectly, to <br />acquire or to replace funds which were used, directly or indirectly, to acquire investment property <br />(as defined in Section 148(b )(2) of the Code) which produces a materially higher yield over the term <br />of the Bonds, other than investment property acquired with -- <br /> <br />(l) proceeds of the Bonds invested for a reasonable temporary period of 3 years or <br />less or, in the case of a refunding bond, for a period of 30 days or less until such proceeds <br />are needed for the purpose for which the bonds are issued, <br /> <br />(2) amounts invested in a bona fide debt service fund, within the meaning of Section <br />1.148-1 (b) of the Treasury Regulations, and <br /> <br />(3) amounts deposited in any reasonably required reserve or replacement fund to the <br />extent such amounts do not exceed 10 percent of the proceeds of the Bonds; <br /> <br />(g) to otherwise restrict the use of the proceeds of the Bonds or amounts treated as proceeds <br />of the Bonds, as may be necessary, so that the Bonds do not otherwise contravene the requirements <br />of Section 148 of the Code (relating to arbitrage) and, to the extent applicable, Section 149(d) of the <br />Code (relating to advance refundings); and <br /> <br />(h) to pay to the United States of America at least once during each five-year period <br />(beginning on the date of delivery of the Bonds) an amount that is at least equal to 90 percent of the <br />"Excess Earnings," within the meaning of Section 148(f) of the Code and to pay to the United States <br /> <br />36 <br />
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