Res 1988 - 99 Designating Certain Bonds Issued in 1986 as "Qualified Tax-Exempt Obligations"554S
Extract of Minutes of a Meeting of the
City Council of the
City of Mendota Heights, Minnesota
Pursuant to due call and notice hereof, a regular
meeting of the City Council of the City of Mendota Heights,
Minnesota, was duly held at the City Hall, in said City on
Tuesday , the 20 day of December , 1988, at 7 :30 P.M.
The following members were present:
Mayor Mertensotto, Councilmembers Witt, Blesener, Cummins, Hartmann
and the following were absent:
None
Member Witt
resolution and moved its adoption:
introduced the following
Resolution No. 88-99
RESOLUTION DESIGNATING
CERTAIN BONDS ISSUED IN 1986
AS "QUALIFIED TAX-EXEMPT OBLIGATIONS"
A. WHEREAS, the City of Mendota Heights, Minnesota (the
"Issuer"), issued its $2,500,000 General Obligation Improve-
ment Bonds, Series 1986 (the "Bonds") after August 7, 1986,
the effective date of the federal Tax Reform Act of 1986; and
B. WHEREAS, when the Bonds were issued, the Issuer made
a designation that it intended to qualify the Bonds under
Section 802(e)(3) of H.R. 3838 of the 99th Congress as passed
by the House of Representatives; and
C. WHEREAS, the Issuer covenanted to take such actions
as are necessary to effectuate such attempted designation; and
D. WHEREAS, for the Bonds to get the benefit of being
designated as "qualified tax-exempt obligations" under Section
265(b)(3) of the federal Internal Revenue Code of 1986, as
amended (the "Code"), it is necessary that the Issuer
designate the Bonds pursuant to subparagraph (B) of Section
1009(b)(3) of the federal Technical and Miscellaneous Revenue
Act of 1988 ("TAMRA") and Section 265(b)(3) of the Code; and
E. WHEREAS, the Bonds qualify for such designation
because they are not private activity bonds (or, if private
activity bonds, are qualified 501(c)(3) bonds, or refund bonds
which were not industrial development bonds or private loan
bonds), the Issuer with respect to bonds issued in 1986 is a
"qualified small issuer" of $10,000,000 or less of bonds, and
not more than $10,000,000 of bonds issued in 1986 have been
designated:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Mendota Heights, Minnesota, as follows:
1. Designation of Qualified Tax -Exempt Obligations. In
order to qualify the Bonds as "qualified tax-exempt
obligations" within the meaning of Section 265(b)(3) of the
Code, the Issuer hereby makes the following factual statements
and representations:
(a) the Bonds were issued after August 7, 1986;
(b) the Bonds are not "private activity bonds" as
defined in Section 141 of the Code, or, if private activity
bonds, they are:
(i) qualified 501(c)(3) bonds as defined in
Section 145 of the Code, or
(ii) obligations issued to refund (or which
are part of a series of obligations issued to
refund) obligations issued before August 8, 1986,
which were not industrial development bonds (as
defined in Section 103(b)(2) of the federal Internal
Revenue Code of 1954, as amended, as in effect on
the day before the date of the enactment of the
federal Tax Reform Act of 1986) or a private loan
bond (as defined in Section 103(o)(2)(A) as so in
effect, but without regard to any exemption from
such definition other than Section 103(o)(2)(A));
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(c) the Issuer hereby designates the Bonds as
"qualified tax-exempt obligations" for purposes of Section
265(b)(3) of the Code;
(d) at the time the Bonds were issued, the amount
of tax-exempt obligations (other than private activity bonds,
treating qualified 501(c)(3) bonds as not being private
activity bonds) which had been and were to be issued in 1986
by the Issuer (and all entities treated as one issuer with the
Issuer, and all subordinate entities thereof) during calendar
year 1986 was not reasonably expected to and did not exceed
$10,000,000; and
(e) not more than $10,000,000 of obligations issued
by the Issuer during calendar year 1986 have been designated
for purposes of Section 265(b)(3) of the Code.
The motion for the adoption of the foregoing
resolution was duly seconded by member Hartmann
, and
after full discussion thereof and upon vote being taken
thereon, the following voted in favor thereof:
Mayor Mertensotto, Councilmembers Witt, Blesener, Cummins, Hartmann
and the following voted against the same:
None
whereupon said resolution was declared duly passed and
adopted.
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STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF MENDOTA HEIGHTS
I, the undersigned, being the duly qualified and
acting Clerk of the City of Mendota Heights, Minnesota, DO
HEREBY CERTIFY that I have compared the attached and foregoing
extract of minutes with the original thereof on file in my
office, and that the same is a full, true and complete
transcript of the minutes of a meeting of the City Council of
said City duly called and held on the date therein indicated,
insofar as such minutes relate to a resolution designating
certain bonds as "qualified tax-exempt obligations".
WITNESS my hand and the seal of the City this 12
day of January , 1989.
(SEAL)
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Clerk