1997-022-RES WHEREAS, CITY COUNCIL DID AT ITS REGULAR SEPTEMBER 9, 1996 MEETING IN ORD NO

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Form 8038-GC (Rev. 5-95) Page 2 When To File To file a eeparale return, file Form 8038-GC on or before the 15th day of the second calendar month after the.close of the calendar quarter In which the Issue Is Issued. To fll. a consolidated return, file Form 8038-GC on or before February 15th of the calendar year following the year In which the lsaue Is Issued. l..Ide filing. - An l$Suer may be granted an extension of time to file Form 8038-GC under Section 3 of Rev. Proc. 88-10, 1988-1 C.B.635, K ~ Is determined that the failure to file on time Is not due to wllKul neglect. Send a late Form 8038-GC to: Internal Revenue SERVice, " Philadelphia Service Center, Statistics of !:. '~ncome Unit, P:DA: Unit F-SOI, Philadelphia, I I PA 19255, Stop 1335. Type or print at the top of the form, 'This Statement Is Submitted In Accordance with Rev. Proc. Q8-10.' Attach to. the form 8038-GC a letter briefly stating why Form 8038-GC was.not submitted to the IRS on time. Also indicate whether the obligation In question Is under examination by the IRS. Do not submit copies of any bond documents, leases" or Installment sale documents. Where To File File Form 8038-GC with the Internal Revenue Service Center, Philadelphia, PA 19255. Rounding Off to Whole Dollars You may Ihow the money Items on this return al whole-dollar amounts. To dO.lo, drop any amount less than. 50 centl and Increase any amount from 50 cents through 99 cents to the next higher dollar. Definitions . Obligations refer to a single tax-exempt governmental obligation K Form 8038-GC Is used for separate reporting and refer to multiple tax-exempt governmental obligations K the form Is used for consolidated reporting. . A "tax-exempt obligation' Is not limited to the formal Issuance of bonds. It also Includes Installment purchase agreements and financial leases. . A "tax-exempt governmental obligation' Is a tax-exempt obligation that Is not a private activity bond. . A 'private activity bond' Is generally an obligation Issued as part of an Issue of which (1) more than 10% of the proceeds are to be used for any private business use, and (2) more than 10% of the payment of principal or Interest of the Issue Is either secured by an Interest In property to be used for a private business use (or payments In respect of such property); or Is to be derived from payments In respect of property (or borrowed money) used for a private business use. An obligation Is also considered a private activity bond K the amount of the proceeds to be used to make or finance loans (other than loans described In section 141 (c)(2) to certain persons exceeds the smaller of 5% of the proceeds, or $5 million. Report private activity bonds on form 8038, Information Pleturn for Tax-Exempt Private Activity Bond Issues. . 'Issue.' In general, obligations are treated as part of the same Issue only n they are Issued (1) by the same Issuer, (2) on the same date, and (3) pursuant to a single transaction or to a series of related transactions. Exceptions ...:. (a) Draw-down loans, commercial paper, etc. - Obligations Issued during the same calendar year (1) pursuant to a loan agreement under which amounts are to be advanced periodically ('draw-down loan'), or (2) with a term not exceeding 270 days, may be treated as part of the same Issue K the obligations are equally and ratably secured under a single Indenture or loan agreement and are Issued pur~uant to a common financing arrangement; e.g., pursuant to the same official statement that Is periodically updated to reflect changing factual circumstances. In addition, for obligations Issued pursuant to a draw-down loan that meets the requirements of the preceding sentence, obligations Issued during different calendar years may be treated as part of the same Issue n all the amounts to be advanced pursuant to the draw-down loan are reasonably expected to be advanced within 3 years of the date of Issue of the first obligation. (b) Leases and Installment sales.- Obligations other than private activity bonds may be treated as apart of the same Issue If (1) the obligations are Issued pursuant to a single agreement that Is In the form of a lease or Installment sale and (2) all of the property covered by that agreement Is reasonably expected to be delivered within 3 years of the date of Issue of the first obligation. A1bitrage robate.- Generally, interest on a state or local bond Is not tax exempt unless the Ilsuer of the bond rebates to the United States arbitrage profits earned from Investing proceeds of the bond In higher yielding nonpurpose Investments. See section 148(~. Construction issuo.- A construction Issue is an Issue of tax-exempt bonds n (1) at least 75% of the available construction proceeds of the Issue are to be used for construction expenditures with respect to property that Is to be owned by a governmental unit or a 501 (c)(3) organization, and (2) all of the bonds that are part of the Issue are qualified 501 (c)(3) bonds; bonds that are not private activity bonds; or private activity bonds Issued to finance property to be owned by a governmental unit or a 501 (c)(3) organization. In lieu of rebating any arbitrage that may be owed to the United State's, the Issuer of a construction Issue may make an Irrevocable election to pay a penalty. The penalty Is equal to 1 Yz of the amount of construction proceeds that do not meet certain spending requirements. See section 148(~(4)(C). Specfficlnstructions In general.- A form 803a-GC must be completed on the basis of available Information and reasonable expectations as of the date the Issue Is Issued. Forms that are flied on a consolidated basis, however, may be completed on the basis of Information readily available to the Issuer at the close of the calendar year to which the form relates, supplemented by estimates made In good faith. Part 1- Reporting Authority Amended retum.- n this is an amended Form 8038-GC, check the amended return box. Complete Part 1 and only those lines of Form 8038-GC that are being amended. Do not amend estimated amounts previously reported once the actual amounts are determined. (see the Part II Instructions below.) Une 1.- The Issuer's name Is the name of the entity Issuing the obligations, not the name of the entity receiving the benefit of the financing. In the case of a lease or Installment sale, the Issuer Is the lessee or purchaser. Une 2.- An Issuer that does not have an employer Identification number (EIN) should apply for one on form SS-4, Application for Employer Identification Number. This form may be obtained from most IRS and Social Security Administration offlcel. File Form SS-4 according to the Instructions on that form. ~ the EIN has not been received by the due date for Form 8038-GC, write 'Applied for" In the space for the EIN. Part II - Description of Obligations Une 5.- Small governmental obligations are those with an issue price of less than $100,000. If the obligations are reoffered to the public by an Intermediary, the Issue price Is the reoffering price (excluding accrued Interest). ~ form 8038-GC Is being filed for a single Issue only, enter the Issue price of that Issue. The Issue price of an obligation means the principal amount due on the obligation and does not Include Interest paid or to be paid. Therefore, line 5 should Include only the principal amount due on obligations. for example, only the purchase price of an asset acquired pursuant to a lease should be included on line 5. A lease or Installment sale Is treated as Issued on the date Interest Itarts to accrue. Une 6.- The weighted average maturity Is determined by multiplying the Issue price of each obligation reported on this form by Its maturity in years, adding the results for all the obligations reported on this form, and then dividing the total by the total Issue prices of all the obligations. for a lease or Installment sale, the maturity Is the total number of years the lease or Installment sale will be outstanding. Une 7.- The weighted average Interest rate Is the average interest rate on all the obligations reported on this form, weighted In proportion to the Issue price and length of maturity of each obligation. Une 8.- Enter the total Issue price of the obligations reported on line 5 that are described on lines 8a through 8d. More than one line may apply to a particular obligation. For example, report on line 8b and line 80, obligations Issued to refund prior Issues that were designated by the Issuer under section 265 (b)(3){B){Q (IIQ. Une 9.- Check this box H the Issue Is a construction issue and an Irrevocable election to pay a penalty In lieu of arbhrage rebate has been made on or before the date the bonds were Issued. The penalty Is payable with a . Form 8038-T, Arbitrage Rebate and Penalty In Lieu of Arbhrage Rebate, for each 6-month period after the date the bonds are Issued. 00 not make any payment of penalty In lieu of rebate with this form. See Rev. Proc. 92-22, 1992-1 C.B. 736, for rules regarding the 'election document.