Agenda - 05-21-1991 - Laserfiche WebLink

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E:l redeemed, all "rebatable arbitrage" required to be paid to the United States. Further, to the extent required by future Regulations, such "rebatable arbitrage" may result from or be increased by certain imputed receipts (i.e., any amount otherwise payable to the United States pursuant to the foregoing requirements that is directly or indirectly paid to any person other than the United States by any investment arrangement entered into by the County). (6) The County will cause the Promissory Note not to be treated as a "federally guaranteed" obligation within the meaning of Section 149(b) of the Code. (7) The County will cause the Promissory Note to be maintained in "registered form" within the meaning of Section 149(x) of the Code. (8) The County will timely file with the Secretary of the Treasury an information statement with respect to the Promissory Note as required by Section 149(e) of the Code. (9) The County reasonably anticipates that the aggregate amount of tax - exempt obligations (not counting private activity bonds except qualified 501(c)(3) bonds) that have been issued and will be issued during the calendar year 1991 by the County, all entities that issue obligations on behalf of the County, all subordinate entities to the County and all entities formed (or, to the extent provided by the Secretary of the Treasury, availed of) to avoid the purposes of the $10,000,000 limitation of Section 265(b)(3) of the Code will not exceed $10,000,000 (as provided in Section 265(b)(3) of the Code). The County hereby designates the Promissory Note as a "qualified tax - exempt obligation" within the meaning of Section 265(b)(3) of the Code. The County and all such other entities have not and will not designate more than $10,000,000 of obligations issued during the calendar year 1991 by the County or any such other entity as "qualified tax - exempt obligations" within the meaning of Section 265(b)(3) of the Code. In complying with the foregoing covenants, the County may rely from time to time upon an opinion of its special counsel for the transaction, its bond counsel or other nationally recognized bond counsel to the effect that any action by the County in reliance upon any interpretation of the Code or the Regulations contained in such opinion will not cause interest under the Promissory Note to be includable in gross income for federal income tax purposes or otherwise adversely affect the exemption of such interest from federal income taxation. In addition, the County shall not be required to comply with any requirement or requirements of any of the covenants in this paragraph if the County shall receive an opinion of such counsel to the C: