Ordinance 2737-03 - Laserfiche WebLink

may be signed or attested on behalf of the City by officers who at the date of actual execution of the Notes are the proper officers, although at the nominal date of execution of the Notes such officer was not an officer of the City. Only a Note that bears a Certificate of Authentication in the form set forth in Section 10, manually executed by the Note Registrar, shall be valid or obligatory for any purpose or entitled to the benefits of this ordinance. Such Certificate of Authentication shall be conclusive evidence that the Notes so authenticated has been duly executed, authenticated and delivered and is entitled to the benefits of this ordinance. Section 12. Tax Covenant; Special Designation. The City covenants to undertake all actions required to maintain the tax-exempt status of interest on the Notes under Section 103 of the Code as set forth in the Arbitrage and Tax Certification that will be executed at the closing of the Notes. The 2004 Note is hereby designated by the City as a "qualified tax-exempt obligation" under Section 265(b)(3) of the Code for investment by banks, thrift institutions and other financial institutions. The City does not anticipate issuing more than $10,000,000 of qualified tax exempt obligations during the year 2004. The 2003 Note is deemed designated as a "qualified tax-exempt obligation" under Section 265(b)(3) of the Code for investment by banks, thrift institutions and other financial institutions. Section 13. Sale of the Notes. The Council hereby accepts and approves the Bank's offer dated November 19, 2003, to renew a line of credit and purchase the refunding note authorized herein on the terms set forth in such offer and in this ordinance. The proper City officials are hereby authorized and directed to do everything necessary for the prompt execution -13- P:\CMW\CMW634 03/12/08