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Chapter 35. 50, as amended, or its successor statute, if any, <br /> against the property owners whose Assessments are delinquent . <br /> N. Covenants Regarding Tax-Exempt Status of the <br /> Bonds . The City hereby covenants that it will not make any use <br /> of the proceeds from the sale of the 1992 Bonds or any other <br /> moneys or obligation of the City which may be deemed to be <br /> proceeds of such 1992 Bonds pursuant to Section 148 (a) of the <br /> Internal Revenue Code of 1986 and the applicable regulations <br /> thereunder which, if such use has been reasonably expected on the <br /> date of delivery of the 1992 Bonds to the initial purchasers <br /> thereof, would have caused the 1992 Bonds to be "arbitrage bonds" <br /> within the meaning of said Section and said regulations . The <br /> City will comply with the applicable requirements of Section <br /> 148 (a) of the Internal Revenue Code of 1986 and the applicable <br /> regulations thereunder throughout the term of the 1992 Bonds . <br /> The City covenants that it will not act or fail to act in a <br /> manner which will cause the 1992 Bonds to be considered <br /> obligations not described in Section 103 (a) of the Internal <br /> Revenue Code of 1986, as amended. <br /> The City will take no actions and will make no use of the <br /> proceeds of the 1992 Bonds or any future bonds issued on a parity <br /> herewith, or any other funds held under this ordinance which <br /> would cause any Bond to be treated as a "private activity bond" <br /> (as defined in Section 141 (b) of the Internal Revenue Code of <br /> 1986 then in effect) subject to treatment under said Section <br /> 45 Fww003.DOC 92/09/21 <br />