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HomeMy WebLinkAbout92-61 - Qualified Tax Exempt Obligations• • 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