Ordinance 2557-01 - Laserfiche WebLink

Section 5.05. Tax Covenants. (a) Tax Covenant. The City covenants to undertake all actions required to maintain the tax-exempt status of interest on the Bonds under Section 103 of the Code as set forth in the Arbitrage and Tax Certification. (b) No Bank Qualification. The Bonds shall not be "qualified tax-exempt obligations"pursuant to Section 265(b) of the Code for investment by financial institutions. ARTICLE VI. THE REMARKETING AGENT; THE REGISTRAR; SALE OF BONDS Section 6.01. Appointment of Remarketing Agent. There shall at all times prior to conversion of the Mode to the Fixed Mode be a Remarketing Agent hereunder. The City appoints Banc of America Securities LLC as the initial Remarketing Agent hereunder to remarket the Bonds pursuant to this ordinance, and to keep such books and records as shall be consistent with prudent industry practice and to make such books and records available for inspection by the Bank, the City and the Registrar at all reasonable times. The Remarketing Agent may at any time resign and be discharged of the duties and obligations created by this ordinance, upon the appointment of a successor Remarketing Agent, by giving the notice set forth in the Remarketing Agreement. The Remarketing Agent may be removed upon notice set forth in the Remarketing Agreement at the direction of the City, by written notice to the Remarketing Agent, the Bank and the Registrar. Any successor Remarketing Agent shall be a member of the National Association of Securities Dealers, Inc. (or successor to its functions) and shall be authorized by law to perform all the duties set forth in this ordinance. -45- P\CMW\CMW4ZL 11/20/01