2010 Ordinances - Laserfiche WebLink

Home Browse Search

sale of the Bonds. The notice(s) of sale, preliminary official statement, official statement or other documents shall be published in such publications and distributed in such manner, including electronically, and at such times as the City Representative shall determine. 14. Continuing Disclosure. The City Representative is authorized and directed to enter into a Continuing Disclosure Agreement for the benefit of the owners of the Bonds to assist the underwriter(s) for the Bonds in complying with the provisions of Section (b)(5) of Securities and Exchange Commission Rule 15c2-12. 15. Designation for Bank Qualification. The City Council authorizes the City Representative to designate all or a portion of the Bonds as "qualified tax-exempt obligations" eligible for the exception from the disallowance of the deduction of interest by financial institutions allocable to the cost of carrying tax-exempt obligations in accordance with the provisions of Section 265(b)(3) of the Code. The City will not designate more than $30,000,000 of qualified tax-exempt obligations in calendar year 2010. 16. Build America Bonds Authorized. The City Council authorizes the City Representative to accept bids for the purchase of or to enter into a negotiated sale for all or a portion of the Bonds as Build America Bonds (Direct Payment) under Section 54AA(g) of the Code, if such bid results in the lowest true interest cost to the City or if such negotiated sale is determined to be in the best interest of the City as determined by the City Representative, and to irrevocably elect to apply Section 54AA(g) of the Code to such Bonds. 17. Authorization of Bond Anticipation Notes. If market or other conditions are such that the City Representative determines that it is not advisable to enter into a long-term financing for all or any portion of the costs of the Projects, the City Representative, without further -8-