Agenda - 12-01-1987 - Laserfiche WebLink

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, 9. No portion of the proceeds of the New Notes and any amounts received from the investment of such proceeds will be used in the place of funds that are (a) now available or that will become available to the County to pay the costs of the Project or the Issuance Expenses and (b) will be used directly or indirectly to acquire obligations producing a yield in excess of the yield on the New Notes. 10. For purposes of this certificate, "yield" means that yield which when used in computing the present worth, based on annual computations of interest, of all payments of principal and interest to be paid on an obligation produces an amount equal to the purchase price of the obligation. The yield on any obligations acquired with proceeds of the New Notes and the yield on the New Notes shall be calculated by the use of the same frequency interval of compounding interest. For purposes of calculating the yield on the New Notes, the purchase price of the New Notes is the price paid by the first buyer of the New Notes (excluding bond houses, brokers and other intermediaries) plus any accrued interest. 11. The resolution providing for the issuance of the New Notes passed on December, 1987 by the Board of Commissioners for the County, represents that p (i) the County is a governmental unit with general taxing powers, (ii) none of the New Notes is a private-activity bond (as defined in the Code) , (iii) 95 percent or more of 'the net proceeds of the New Notes are to be used for local governmental activities of the County, (iv) the aggregate face amount of all tax-exempt obligations (other than private- activity bonds) issued by the County and all subordinate entities thereof during calendar year 1987 is reasonably expected not to exceed $5, 000, 000 and (v) to the best of the County's knowledge, there Are