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RES-1997-011 Resolution Providing Final Approval of Terms and Documents for Second Phase of Southern Village Elementary School Financing
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RES-1997-011 Resolution Providing Final Approval of Terms and Documents for Second Phase of Southern Village Elementary School Financing
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Last modified
7/11/2013 3:47:33 PM
Creation date
7/11/2013 3:46:43 PM
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BOCC
Date
3/18/1997
Meeting Type
Regular Meeting
Document Type
Reports
Agenda Item
5a
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Agenda - 03-18-1997 - 5a
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\Board of County Commissioners\BOCC Agendas\1990's\1997\Agenda - 03-18-1997
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person other than a governmental unit, as provided in Code Section 141(b), (ii) 5% or more of <br /> such Proceeds being used with respect to any "output facility" (other than a facility for the <br /> furnishing of water), within the meaning of Code Section 141(b)(4), or (iii) 5% or more of such <br /> Proceeds being used directly or indirectly to make or finance loans to any persons other than a <br /> governmental unit, as provided in Code Section 141(c); provided, however, that if the County <br /> receives an opinion of bond counsel acceptable to BB&TGF that compliance with any such <br /> covenant is not required to prevent the interest components of Installment Payments from being <br /> includable in the gross income for Federal income tax purposes of the registered owners of the <br /> Obligations under existing law,the County need not comply with such covenant. <br /> (d) The County hereby designates the Obligations as "qualified tax-exempt <br /> obligations" for the purpose of Code Section 265(b)(3). The County represents and covenants as <br /> follows: <br /> (i) The County will in no event designate more than $10,000,000 of <br /> obligations as qualified tax-exempt obligations in 1997, including the Obligations, for the <br /> purpose of such Section 265(b)(3); <br /> (ii) Barring circumstances unforeseen as of the date of delivery of the <br /> Agreement, the County will not issue tax-exempt obligations itself or approve the <br /> issuance of tax-exempt obligations of any "subordinate entities," within the meaning of <br /> Code Section 265(b)(3), and all entities which issue tax-exempt obligations on behalf of <br /> the County and its subordinate entities, if the issuance of such tax-exempt obligations <br /> would, when aggregated with all other tax-exempt obligations theretofore issued in 1997 <br /> by the County and such other entities, result in the County and such other entities having <br /> issued a total of more than $10,000,000 of tax-exempt obligations in 1997 (not including <br /> "private activity bonds," within the meaning of Code Section 141, other than "qualified <br /> 501(c)(3) bonds," within the meaning of Code Section 145), including the Obligations; <br /> and, <br /> (iii) The County has no reason to believe that the County and such other <br /> entities will issue tax-exempt obligations in 1997 in an aggregate amount that will exceed <br /> such $10,000,000 limit; <br /> provided, however, that if the County receives an opinion of bond counsel acceptable to <br /> BB&TGF that compliance with any covenant set forth in (i) or (ii) above is not required for the <br /> Obligations to be qualified tax-exempt obligations, the County need not comply with such <br /> covenant. <br /> 6. Miscellaneous provisions-- All other actions of County officers in furtherance of <br /> the purposes of this resolution are hereby ratified, approved and confirmed. All other resolutions <br /> or parts thereof in conflict with this resolution are hereby repealed, to the extent of the conflict. <br /> This resolution shall take effect immediately. <br />
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