Agenda - 03-24-1987 - Laserfiche WebLink

Browse Search

p of the yield on the notes or invested in tax-exempt obligations. 10. The proceeds of the notes and any earnings or net profits derived from the investment or deposit of such proceeds will not be used in the place of funds now available to the County and to be used or which will become available to the County and will be used directly or indirectly to acquire obligations producing a yield in excess of the yield on the notes, which funds are not otherwise obligated and could be applied to the payment of the cost of the Project or the Issuance Expenses. 11. For the purpose of this certificate, the yield produced by any obligations, including the notes, shall be that rate which when used in computing the present worth, based on annual computation of interest, of all payments of principal and inter- est with respect to an obligation produces a present worth amount equal to the purchase price of the obligation. For purposes of s calculating yield on the notes, the purchase price of the notes is the price paid by the first buyer of the notes (excluding bond houses, brokers and other intermediaries) plus accrued interest, if any. 12. No portion of the proceeds of the notes will be used to replace any proceeds of any other issue of bonds or notes which were issued by the County for substantially the same purpose as the notes but were not expended for such purpose and have been retired in whole or in part. 13. The resolution passed on June 15, 1987, by the Board of Commissioners for the County represents that (i) the County is a governmental unit with general taxing powers, (ii) the notes are not private-activity bonds (as defined in the Code) , (iii) 95 percent or more of the net proceeds of the notes are to be used for local governmental activities of the County, (iv) the -5- BROWN D WOOD,ONE WORLD TRADE CENTER.NEW YORK-N.Y.I 00411