US Bank 8/5/2015 - Laserfiche WebLink

S 1 the Internal Revenue Service, including, among others, the following rules: (A)Any activity carried on by a person other than a natural person or a state or local governmental unit will be treated as a trade or business of a nongovernmental person; (B)the use of all or any portion of the Equipment is treated as the direct use of proceeds; (C)a nongovernmental person will be treated as a private business user of proceeds of the Schedule as a result of ownership, actual or beneficial use pursuant to a lease, or a management or incentive payment contract,or certain other arrangements such as a take- or-pay or other output-type contract; and (D)the private business use test is met if a nongovernmental person has special legal entitlements to use directly or indirectly the Equipment. The City and each developer that may use any portion of the Equipment during an initial development period reasonably expect on the date hereof to proceed with all reasonable speed to develop each portion of the Equipment and the property benefited by that portion of the Equipment and to transfer each such portion of the Equipment to a governmental person. Each such portion of the Equipment will in fact be transferred to a governmental person promptly after the property benefited by each such portion of the Equipment is developed. (ii) The City has not taken and will not take any deliberate action that would cause or permit the use of any portion of the Equipment to change such that such portion will be deemed to be used in the trade or business of a nongovernmental person for so long as any of the Schedule remains outstanding (or until an opinion of nationally recognized bond counsel is received to the effect that such change in use will not adversely affect the excludability from gross income for federal income tax purposes of interest payable on the Schedule). For this purpose, any action within the control of the City is treated as a deliberate action. A deliberate action occurs on the date the City enters into a binding contract with a nongovernmental person for use of the Equipment that is not subject to any material contingencies. (iii) No portion of the proceeds of the Schedule will be directly or indirectly used to make or finance a loan to any person other than a state or local governmental unit. (b) Dispositions of Personal Equipment in the Ordinary Course. The City does not reasonably expect that it will sell or otherwise dispose of personal property components of the Equipment financed with the Schedule other than in the ordinary course of an established governmental program that satisfies the following requirements: (i) The weighted average maturity of the portion of the Schedule financing personal property is not greater than 120 percent of the reasonably expected actual use of such personal property for governmental purposes; (ii) The reasonably expected fair market value of such personal property on the date of disposition will be not greater than 25 percent of its cost; (iii) Such personal property will no longer be suitable for its governmental purposes on the date of disposition;and -6-