Laserfiche WebLink
arbitrage bonds and to assure that the interest on the Bonds will be exempt from federal income <br /> taxation. In connection therewith, the City and the Council further agree: (a) through their <br /> officers, to make such further specific covenants, representations as shall be truthful, and <br /> assurances as may be necessary or advisable; (b) to consult with counsel approving the Bonds <br /> and to comply with such advice as may be given; (c) to pay to the United States, as necessary, <br /> such sums of money representing required rebates of excess arbitrage profits relating to the <br /> Bonds; (d)to file such forms, statements, and supporting documents as may be required and in a <br /> timely manner; and (e) if deemed necessary or advisable by their officers, to employ and pay <br /> fiscal agents, financial advisors, attorneys, and other persons to assist the City in such <br /> compliance. <br /> Section 18. Registered Form. The City recognizes that Section 149(a) of the Code <br /> requires the Bonds to be issued and to remain in fully registered form in order to be and remain <br /> Tax-exempt. In this connection, the City agrees that it will not take any action to permit the <br /> Bonds to be issued in, or converted into, bearer or coupon form. <br /> Section 19. Designation of Issue. All or a portion of the Bonds, if any, may be issued as <br /> "bank qualified bonds" in an amount or amounts not to exceed $10,000,000 per calendar year of <br /> issuance as set forth in the Bond Notification(collectively, the "BQ Bonds"). The BQ Bonds are <br /> designated as "qualified tax-exempt obligations" for the purposes and within the meaning of <br /> Section 265(b)(3) of the Code. Prior to the date hereof, in the current calendar year, no <br /> obligations that constitute "qualified tax-exempt obligations" for the purposes and within the <br /> meaning of Section 265(b)(3) of the Code have been issued by the City or an entity issuing <br /> obligations on behalf of the City. <br /> Section 20. Rights and Duties of Bond Registrar and Paying Agent. If requested by the <br /> Bond Registrar or the Paying Agent, or both, any officer of the City is authorized to execute <br /> -29- <br /> 44 <br />