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HomeMy WebLinkAbout92-179 CERTIFICATION OF MINUTES RELATING TO $480,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF • INDEBTEDNESS, SERIES 1992E Issuer: City of Lakeville, Minnesota Governing Body: City Council Kind., date, time and place of meeting: A s= .cia1 meeting held Monday, October 26, 1,992, at a~:00 o'clock P.M., at the City Hall, Lakeville, Minnesota. 8 Members present: Duane Zaun, Patrick Harvey, Lynette Mulvihill, Wenceslaus Ruhmann and Elizabeth Sindt Members absent: None Documents Attached: Minutes of said meeting (including): RESOLUTION NO. 92-179 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $480,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 1992E I, the undersigned, being the duly qualified and acting recording officer of the public corporation issuing the bonds referred to in the title of this certificate, certify that the documents attached hereto, as described above, have been carefully compared with the original records of said corporation in my legal custody, from which they have been transcribed; that said documents are a correct and complete transcript of the minutes of a meeting of the governing body of said corporation, .and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at said meeting, so far as they relate to said bonds; and that said meeting was duly held by the governing body at the time and place and was attended-throughout by the members indicated. above, pur-suant to call and notice of such meeting given as required by law. ~~WITNESS my hand officially as such recording officer this day of October, 1992. d~ City Cler The Clerk reported that sealed bids had been received at or prior to the time stated in the Terms of Proposal, and the bids having been opened, publicly read and considered, were all found to conform to the Terms of Proposal, and the highest and best bid of each bidder was found to be as follows: (See next page) • S P R I N G ST E D 12o South sixth street Suite 2507 PUBLIC FINANCE ADVISORS Minneapolis; MN 55402-1800 (612) .333-9177 Fax: (612) 349-5230 Home Office 85 East Seventh Place 16655 West Bluemound Road Suite 100 Suite 290 Saint Paul, MN 55101-2143 Brookfield, WI 53005-5935 (612) 223-3000 (414) 782-8222 Fax: (612) 223.3002 Fax: (414) 782-2904 6800 College Boulevard Suite 600 Overland Park, KS 66211-1533 (913) 345-8062 Fax: (913) 345-1770 1800K Street NW Suite 831 Washington, DC 20006-2200 (202) 466-3344 Fax: (202) 223-1362 6480,000 CITY OF LAKEVILLE, MINNESOTA GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 1992E AWARD: NORWEST INVESTMENT SERVICES, INC. FBS INVESTMENT SERVICES, INC. And Associates - In Association Wiith - PIPER JAFFRAY INC.- And Associates. SALE: October 26, 1992 Moody's Rating: A Interest Net Interest True Inter®st Bidder Rates Price Cost Rate NORWEST INVESTMENT SERVICES, INC. 3.25% 1993 $477,120.00. $62,370.00 4.2218% FBS INVESTMENT SERVICES,. INC. 3.40% 1994 Dougherty, Dawkins, Strand. & 3.70% 1995 Bigelow, Incorporated 4.20% 1996 American National Bank Saint Paul 4.40% 1997 Wachovia Bank of North Carolina, N.A. - In Association With - PIPER JAFFRAY INC. Craig-Hallum, Incorporated John G. Kinnard & Company Incorporated These Cert'rficates are being reoffered at par. BBI: 6.53 Average Maturity: 3.08 Years Councilmember Ruhmann introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $480,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES. OF INDEBTEDNESS, SERIES 1992E BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota (the Issuer), as follows.: Section 1. }1Lthnri nation and Sale. (a) This Council, by its Resolution No. 92-164 adopted September 21, 1992, authorized the issuance and sale of $480,000 General Obligation Equipment Certificates of Indebtedness, Series 1992E (the Obligations) of the Issuer to finance the costs of acquiring certain items of capital equipment as described in Resolution No. 92-.164. (b) Sealed bids presented in conformity with the Terms of Proposal .have been received and considered in accordance with Resolution No. 92-164. The most favorable bid received is that of Norwest Investment Serv-ices, Incorporated in .MinneapolisMinnesota (the Purchaser), to purchase the Obligations at a price of $477,120 plus accrued interest on all Bonds to the day of delivery and payment, on the further terms and conditions hereinafter set forth. {c) The sale of the Obligations is hereby awarded to the Purchaser and the Mayor and City Clerk are hereby authorized and directed to execute a contract on behalf of the Issuer for the sale of the Obligations in accordance with the terms of the bid. The good faith deposit of the Purchaser shall be retained by the Issuer until the Obligations have been delivered, and shall be deducted from the purchase price paid at settlement. Section 2. Bond Terms: Regj,stration: Execution and D 7iy ry. 2.01. IssLance of Obligations, All acts, conditions and things which are required. by the Constitution and laws of the State of Minnesota to be done, to exist,. to happen and to be performed precedent to and in the valid_issuance of the Obligations having been done, now existing, having happened and having been performed, it is now necessary for the City Council to establish the form and terms of the Obligations, to provide security therefor and to issue the Obligations forthwith. 2..02. MatLrities• Interest Rates• Denominations and Payment, The -0bligations shall be .originally dated as of December 1, 1992, shall be in denominations of $5,000 or any integral multiple thereof,. of single maturities, shall mature on December 1 in .the years and amounts stated below, without option of prior payment, and shall bear interest from date of issue until paid at the annual rates set forth opposite such years and amounts, as follows: Year Interest Rate 1993 $ 90,000 3.25$ 1994 90,000 - 3.40 1995 95,000 3.70 1996 100,000 4.20 1997 105,000 4.40 The Obligations shall be issuable only in fully registered form. The interest thereon and, upon surrender of each Obligation at the principal office of the Registrar described herein, the principal amount thereof, shall be payable by check or draft issued by the Registrar described herein. 2.03. Da s and Tn r_st Payment Dates. Each Obligation shall bear a date of original issue of December 1, 1992. Upon the initial delivery of the Obligations pursuant to Section 2..07, and upon any subsequent transfer or exchange pursuant to Section 2.06, the date of authentication shall be noted on each Obligation so delivered, exchanged or transferred. Interest on the Obligations shall be payable on each June 1 and December 1, commencing June 1, 1993, to the owners of record thereof as of the close of business on the fifteenth day of the immediately preceding month, whether or not such day zs a business day. 2.04. edemnton. The Obligations shall not be subject to prepayment prior to their stated maturities.. 2.05. Anr~ointment of Initial Registrar. The Issuer hereby appoints First Trust National Association in Saint Paul Minnesota Minnesota as the initial_ bond registrar, transfer agent and paying agent tthe Registrar) for the Obligations. The Mayor and City Clerk are authorized to execute and deliver, on behalf. of the Issuer, a contract with the Registrar. Upon merger or consolidation of the Registrar with another corporation, if the resulting corporation is a bank or trust company authorized by law to conduct such business, such corporation shall be authorized to act as successor Registrar. The Issuer agrees to pay the reasonable and customary charges of the Registrar for the services performed. The Issuer reserves the right to remove the Registrar upon thirty days' notice and upon. the appointment of a successor Registrar, in which event the predecessor Registrar shall deliver all cash and Obligations. in its possession to the successor Registrar and shall deliver the bond register to the successor Registrar. -2- its possession. to the successor Registrar and shall deliver the bond register to the successor Registrar. 2.06. ,Rggistration. .The. effect of registration and the rights and duties of the Issuer and the Registrar with respect - thereto shall be as follows: (a) u~q;s~r~. The Registrar shall keep at its principal corporate trust office a bond register in which the Registrar shall provide for the registration of ownership of Obligations and the registration of transfers and exchanges of Obligations entitled to be registered, transferred or exchanged. (b) Tranafer of Obligations, .Upon surrender for transfer of any Obligation duly endorsed by the registered owner thereof or accompanied by a written instrument. of transfer, in form satisfactory to the Registrar, duly executed by the registered owner thereof or by an attorney duly authorized by the registered owner in writing, the Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Obligations of a like aggregate principal amount and maturity, as requested by the transferor.. The Registrar may,. however, close the books for registration of any transfer after the fifteenth day of the month preceding each interest • .payment date and until such interest payment date. (c) Exchange of Obligations, Whenever any Obligations are surrendered by the registered owner for exchange the Registrar shall authenticate and deliver one or more new Obligations of a like. aggregate principal amount and maturity, as requested by the registered owner or the owner's attorney in writing. (d) can_ tla ,on. All Obligations surrendered upon any transfer or exchange shall be promptly cancelled by the. Registrar and thereafter disposed of as directed by the Issuer. (e) S rover or Unauthorized Transfer. When any Obligation. is presented to the Registrar for transfer, the Registrar may refuse to transfer the same until it is satisfied that the endorsement on such Obligation or separate instrument of transfer is valid and genuine and that the requested transfer is legally authorized. The Registrar shall incur no liability for the refusal, in good faith, to make transfers which it, in .its judgment, deems improper or unauthorized. (f) P~,rsons Deemed Owners. The Issuer and the Registrar may treat the person in whose name any Obligation -3- is at any time registered in the bond register as the. absolute owner of the Obligation, whether the Obligation shall be overdue or not, for the purpose of receiving payment of or on account of, the principal of and interest on the Obligation and for all other purposes; and all payments made to any registered owner or upon the owner's order shall be valid and effectual to satisfy and discharge. the liability upon Obligation to the. extent of the sum or sums so paid. (g) Taxea. Fees and charges. For every transfer or .exchange of Obligations (except for an exchange upon a partial redemption of an Obligation), the Registrar may impose a charge-upon the owner thereof sufficient to reimburse the Registrar for any tax, fee or other governmental charge required to be paid with respect to such transfer or exchange.. (h) MLtilated, Lost Stolen or Destroyed QjZj~gations, In case any Obligation shall become mutilated or be destroyed, stolen or lost, the Registrar shall deliver a new Obligation of like amount, number, maturity date and tenor in exchange and substitution for and upon cancellation of any such mutilated Obligation or in lieu. of and in substitution for any Obligation destroyed, stolen or lost, upon the payment of the reasonable expenses and charges of the Registrar in connection therewith; and, in the case of a • Obligation destroyed,' stolen or lost, upon filing with the Registrar of evidence satisfactory to it that the Obligation was. destroyed, stolen or lost, and of the ownership thereof, and upon furnishing to the Registrar of an appropriate bond or indemnity in form, substance and amount satisfactory to it, in which both the Issuer and the Registrar shall be named as obligees. All Obligations so surrendered to the Registrar shall be cancelled by it and evidence of .such cancellation shall be given to the Issuer. If the mutilated, destroyed, stolen or lost Obligation has already matured or been called for redemption in accordance with its terms it shall not be necessary to issue a new Obligation prior to payment. (i) Authenticatinq~gent. The Registrar is hereby .designated authenticating agent for the Obligations, within the meaning of Minnesota Statutes, Section 475.55, Subdivision 1, as amended. 2.07. FxecLtion, ALthentication and Delivery, The Obligations shall. be prepared under the direction of the Clerk and shall be executed on behalf of the Issuer by the signatures of the Mayor and the City Clerk,. provided that the signatures may be printed, engraved or lithographed facsimiles of the originals. In .case any officer whose signature or a facsimile of whose signature shall. appear on the Obligations shall cease to be such officer before the delivery of any Obligation, such signature or facsimile -4- shall nevertheless be valid and sufficient for all purposes, the same as if he had remained in office until delivery. Notwithstanding such execution, no Obligation shall be valid or obligatory for any purpose or entitled to any security or benefit under this Resolution unless and until a certificate of authentication on the Obligation has been duly. executed by the manual signature of an authorized representative of the Registrar. Certificates of authentication on different. Obligations need not be signed by the. same representative. The executed certificate of authentication on .each Obligation shall be conclusive evidence. that it has been authenticated and delivered under this Resolution. When the Obligations have been prepared, executed and authenticated, the Clerk shall deliver them to the Purchaser upon gayment of the purchase price in accordance with the contract of sale heretofore executed, and the Purchaser shall not be obligated to see to the application of the purchase price. 2.08. Form of Obligations. The Obligations shall be prepared in substantially the following form: _5_ [Face of the Obligations] UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF DAKOTA CITY OF LAKEVILLE GENERAL OBLIGATION EQUIPMENT CERTIFICATE OF INDEBTEDNESS, SERIES 1992E Interest Rate Maturity Date Date of Original Issue CUSIP No. December 1, 1992 REGISTERED OWNER: PRINCIPAL AMOUNT: FOR VALUE RECEIVED, the City of Lakeville, County of Dakota, Minnesota (the Issuer), acknowledges itself to be indebted and for value received hereby promises to pay to the registered owner specified above, or registered assigns, the principal sum specified above on the maturity date specified abovey without option of prior payment, and. to pay interest thereon from the date hereof at the annual rate specified above, payable on .June 1 and December l in each year, commencing June 1, • 1993, to the person in whose name this Obligation is registered at the close of business on the fifteenth day (whether or not a business day) of the immediately preceding month. The interest hereon and,. upon presentation and surrender hereof, the principal hereof are payable in lawful money of the United States of .America by check or draft by , in , , as Registrar and Paying..Agent (the Registrar), or its designated successor under the Resolution. described herein. For the prompt and full payment of such- principal and interest as the same respectively become. due, the full faith, credit and taxing powers of the Issuer have been and are hereby irrevocably pledged. Additional provisions of this Obligation are contained on the reverse hereof and such provisions shall for all purposes have .the same effect as though fully set forth hereon. This Obligation shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Resolution until the Certificate of Authentication .hereon shall have been executed by the Registrar by manual signature of one of its authorized representatives. IN WITNESS WHEREOF, the City of Lakeville, County of Dakota, Minnesota, by its City Council, has caused this Obligation • to be executed on its behalf by the printed facsimile signatures -6- of its Mayor and City Clerk, and has caused this Obligation to be • dated as of .the date set forth below. Date of Authentication: CITY OF LAKEVILLE, MINNESOTA Attest: (facsimile) (facsimile) Clerk Mayor CERTIFICATE OF AUTHENTICATION _ This is one of the Obligations .delivered pursuant to the Resolution. mentioned within.. as Registrar By Authorized Representative [Reverse. of the Obligations] This Obligation is one of an issue in the aggregate principal amount of 5480,000, all of like date and tenor, except as to maturity date, interest rate and denomination issued pursuant. to a resolution adopted by the _City Council on October 26, 1992 (the Resolution), to finance the costs of acquisition of .capital equipment,. and is issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes,.. Section 412.301 and Chapter 475. The Obligations are issuable only in fully registered form, in denominations of 55,000 or any integral multiple thereof, of single .maturities. As provided in .the Resolution and subject to•certain limitations set forth therein, this Obligation is.transferable: upon .the books of the Issuer at the. principal office of the _ Registrar, by the. registered owner hereof in person or by the owner's attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or the owner's attorney, and may also be surrendered in exchange for Obligations of other authorized denominations. Upon such transfer or exchange. the Issuer will cause a new Obligation or Obligations to be issued in the name. of the transfereeor registered owner, of the.. same aggregate principal. amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee_or governmental charge required to be paid with respect to such transfer or exchange. .7_ The Obligations .have been designated as "qualified tax- • exempt. obligations" pursuant to Section 265(b)(3) of the Internal. Revenue Code of 1986. The Issuer and the Registrar may deem and treat the person in .whose name this Obligation is registered as the absolute owner hereof, whether. this .Obligation is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the Zssuer nor the Registrar shall be affected by any notice to the contrary. IT IS HEREBY CERTIFIED, RECITED, ,COVENANTED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen. and to be performed preliminary to and in the issuance of this Obligation in order to make it a valid and binding general obligation of the Issuer in accordance with its terms,. have been' done, do exist, have happened and have been performed as so required; that, prior to the issuance hereof, the City Council has levied ad valorem taxes on all taxable property in the Issuer, which taxes will be collectible for the years and in amounts sufficient to produce sums not less than five percent in excess of the principal of and interest on the Obligations when-due, and has appropriated such taxes to its Series 1992E Equipment Certificate Sinking Fund for the payment of such principal amd interest; that if necessary for payment of such principal and interest, additional ad valorem taxes are required to be .levied upon all taxable property in the Issuer, without limitation as to rate or amount; and that the issuance of this Obligation, together with all other indebtedness of the Issuer outstanding on the date hereof and on the date of its actual issuance and delivery, does not cause the indebtedness of the Issuer to exceed any constitutional or statutory limitation of indebtedness. Form of certificate to be printed on the reverse side of each Obligation, following a full copy of the legal opinion: We certify .that the. above is a full, true. and correct copy of the legal opinion rendered by Bond Counsel: on the issue of Obligations of the City of Lakeville, County of Dakota, Minnesota, which includes the within Obligation, dated as of the date of original delivery of and payment for the Obligations. Attest: tfacsimile) (facsimile) Clerk Mayor The following abbreviations, when used in the inscription on the face of this Bond, shall be construed as though they were written out in full according to applicable laws. or regulations: • .g_ TEN COM as tenants UTMA as Custodian for • in common (Gust) (Minor) under Uniform Transfers to Minors Act TEN ENT as tenants (State) by entireties JT TEN --as joint tenants with right of survivorship and not as tenants in common .Additional abbreviations may also be used though not in the above List. ASSIGNMENT For value received, the undersigned hereby sells, assigns and. transfers unto the .within Bond and all rights thereunder, and does hereby irrevocably constitute and appoint attorney to transfer the said Bond on the books kept for registration of the within Bond,-with full power of substitution in the premises. Dated: • NOTICE: The assignor's signature to this assignment must correspond with the name as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatsoever. Signature Guaranteed: Signature(s) must be guaranteed by a commercial bank or trust .company or by a brokerage firm having a membership in one of the .major stock. exchanges.. PLEASE INSERT SOCIAL SECURITY OR OTHER. IDENTIFYING NUMBER OF ASSIGNEE: _g_ Section 3. ,SPr; ~ 1 92E Equipment -ertificate Sinking E1lIIS1. So long as any of the Obligations are outstanding and any prin- . cipal of or interest thereon unpaid, the Finance Director shall maintain a .separate debt service fund on the official books and records of the Issuer to be known as the Series 1992E Equipment Certificate Sinking Fund (the Sinking Fund), and the principal of and interest on the Obligations shall be payable from the Sinking Fund.. .The Issuer irrevocably appropriates to the Sinking Fund (a) any amount. in excess of $476,400 received from the Purchaser; (b) all taxes levied and collected in accordance with this Resolution; and (c) all other moneys as shall be appropriated by the City Council to the Sinking Fund from time_to time.' If .the balance in the Sinking Fund is at any time insufficient to pay all interest and principal then due on all Obligations payable therefrom, the payment. shall be made from any fund of the Issuer which is available for that purpose, subject to reimbursement from the Sinking Fund when the balance therein is sufficient, and the City Council covenants and agrees that it will each year levy a sufficient amount of ad valorem taxes to take care of any accumulated or anticipated deficiency, which levy-is not subject to any constitutional or statutory limitation. Section 4. p_1_?dge of Taxing Powers. For the prompt and full payment of the principal of and interest on the Obligations as such payments respectively become due, the full faith, credit and unlimited taxing powers of the Issuer shall be and are hereby irrevocably pledged. In order to produce aggregate amounts not less than 5o in excess of the amount needed to meet when due the principal and interest payments on the. Obligations, ad valorem taxes are hereby levied on all taxable property in the Issuer. The taxes are to be levied and collected in the following years and amounts: :.Levy Collection Year Year Amount 1992 1993 $113,.736 .1993 1994 110,665 1994 1995 112,702 1995 1996 114,261 1996 1997 115,101 The taxes shall be irrepealable as long as any of the Obligations are outstanding and unpaid, provided that the Issuer reserves the right and power to reduce the tax levies in accordance with the provisions of Minnesota Statutes, Section 475.61.. Section 5. Defeasance. When all of the .Obligations have been discharged as provided in this section, all pledges, covenants and other rights granted by this Resolution to the holders of the Obligations shall cease. The Issuer may discharge -la its obligations with respect to any Obligations which are due on any date by depositing with the Registrar on or before that date a sum sufficient for the payment thereof in full; or, if any Obligation should not be paid when due, it may nevertheless be discharged by depositing with the Registrar a sum sufficient for the .payment thereof in full with interest accrued from the due date to the date of such deposit. The Issuer. may also at any time discharge ..its obligations .with respect to any Obligations, subject to the provisions of law now or hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with a bank qualified by law as an escrow agent for this purpose, cash or securities which are authorized by law to be so deposited, bearing interest payable at such time and at such rates and maturing or callable at the holder's option on such dates as shall be required to pay all principal and interest to become due thereon to maturity. Section 6. Registration of Obligations. The Clerk is hereby authorized and directed. to file a certified. copy of this Resolution with the County Auditor of Dakota County, together with such additional ..information as the Auditor may require, and to obtain from the Auditor a certificate that the Obligations have been duly entered upon the Auditor's bond register and the taxes required by law for the payment of the Obligations have. been levied. Section 7. Authentication of Transcript. The officers • of the Issuer and the Auditor are hereby authorized and directed to prepare and furnish to the Purchaser and to Dorsey & Whitney, Bond Counsel, certified copies of all proceedings and records. relating to the Obligations and such other affidavits, certificates and information as may be required to show the facts .relating to the legality and marketability of the Obligations, as the same appear from the books and records in their custody and control or as otherwise known to them, and all such certified copies, affidavits and certificates, including any heretofore furnished, shall be deemed representations of the Issuer as to the correctness of all statements contained therein. Section 8. Official. Statement, The Official Statement relating to the Obligations, dated October 13, 1992, prepared and delivered on behalf of the Issuer by Springsted Incorporated, is hereby approved, and the officers of the Lssuer are hereby authorized and directed to execute such certificates as may. be appropriate concerning the accuracy, completeness and sufficiency. thereof. Section 9. Tax Covenant. The Issuer covenants and agrees with the registered owners from time to time of the Obligations herein authorized, that it will not take, or permit to be taken by any of its officers, employee s. or agents, any action • -11- which would cause the interest payable on the Obligations to become subject to taxation under the Internal Revenue Code of 1986 (the Code) and regulations issued thereunder, in effect at the time of such action, and that it will take, or it will cause its officers, employees or agents to take, all affirmative actions.. within its powers which may be necessary to insure that such interest will not become subject to taxation under the Code and applicable Treasury Regulations, as presently existing or as hereafter amended and made applicable to the Obligations. The Issuer represents and covenants that the proceeds of the Obligations will be used to finance the acquisition and installation of items of equipment to be owned and maintained by the Issuer and used in its municipal operations. So long as the Obligations are outstanding, the Issuer will not enter into any lease, use agreement or other agreement or contract respecting said equipment, or the security for the Obligations, which would cause the Obligations to be considered "private activity bonds" or "private loan bonds" pursuant to the provisions of Section 141 of the Code. Section 10. Arbitragr R bat-r For purposes of .complying with Section 148(f) of the Code and applicable regulations relating to arbitrage rebate, the Issuer will (i) prepare or have prepared a calculation of the rebatable arbitrage at the times and in a manner consistent with the provisions of Section 148 and ..applicable regulations, (ii) pay to the United States Department of the Treasury not later than 60 days after the end of each • installment .computation date, an amount equal to at least 900 of the rebatable arbitrage calculated as of the date of such computation date (less any amount thereof previously paid) and not later than 60 days after the final computation date, an amount equal to 100 of the rebatable arbitrage (less any amount thereof previously paid),. {iii). make each required payment to the Internal Revenue Service Center, Philadelphia, Pennsylvania 19255, On or before the date such .payment is due, accompanied by Internal Revenue Service Form 8038-T (or in such other manner as may hereinafter be specified in applicable regulations of the Internal Revenue. Service),.: and (iv) retainrecords of the calculations required by this Section 10 .until six years. after the final computation date. Section ll.2iialified Tax-Exempt Ob l,'gations. The City Council hereby designates the Obligations as "qualified tax-exempt- obligations" for purposes of Section 265{b)(3) of the Code relating to the disallowance of interest expense for financia l institutions, and hereby finds. that the reasonably anticipated amount of qualified tax-exempt obligations (within the meaning of Section 265(b)(3) of the Code) which will be issued by the Issuer and all subordinate entities during calendar year 1992 does not exceed $10,000,000. • -12- A • Mayor Attest: City Clerk The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Harvey and, upon vote being. taken thereon, the following voted in favor thereof: Zaun, Harvey, Mulvihill, Ruhmann, Sindt and the following voted against the same: None whereupon the resolution was declared duly passed and adopted. • -13-