HomeMy WebLinkAbout92-61 - Qualified Tax Exempt Obligations•
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CITY OF NEWPORT BEACH
RESOLUTION NO. 92 -61
RESOLUTION DESIGNATING $7,500,000.00
OF CERTIFICATES OF PARTICIPATION
SERIES 1992 (CENTRAL LIBRARY
BUILDING) PROJECT AS "QUALIFIED TAX -
EXEMPT OBLIGATIONS"
RESOLVED by the City Council of the City of Newport Beach,
California (the "City "):
WHEREAS, the City has approved financing for the construction
of a new central library for the City through the issuance of
certain certificates of participation all as described in the
various documents previously approved by this Council on May 11,
1992 and on file with the Clerk of the City, including the
Preliminary Official Statement;
WHEREAS, this City Council desires to designate the
certificates of participation as "qualified tax - exempt obligations"
for purposes of Section 265 of the Internal Revenue Code of 1986
(the "Code ");
NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as
follows:
SECTION 1. Designation. This Council reasonably
anticipates that the amount of tax - exempt obligations (as defined
at Section 265 (b)(4)(B) of the Code) which will be issued by, or
on behalf of, the City during this calendar year will not exceed
$10,000,000.00. This Council, on behalf of the City, therefore
designates the $7,500,000.00 Certificates of Participation Series
1992 (Central Library Building Project) evidencing proportionate
interests in lease payments to be made by the City to the Newport
Beach Public Facilities Corporation as qualified tax - exempt
obligations pursuant to, and for the purposes of Section 265 (b) (3)
of the Code.
* * * * * * * * **
PASSED AND ADOPTED This 8th day of June, 1992, by the
following vote:
AYES: HEDGES, WATT, TURNER, SANSONE, HART, COX, PIUMMER
NOES: NONE
ABSENT: NONE
ATTEST:
By:
City Clerk
Mayor