§ 12.36.05. Tax-exempt obligation.

Latest version.

The note is hereby designated as a "qualified tax-exempt obligation" within the meaning of the Internal Revenue Code of 1986, as amended (the "code"). The city expects that the aggregate principal amount of its qualified tax-exempt obligations (excluding "private activity bonds" within the meaning of section 141 of the code which are not "qualified 501(c)(3) bonds" within the meaning of section 145 of the code), including those of its subordinate entities, issued in calendar year 2005 will not exceed ten million dollars ($10,000,000.00).

( Ord. No. 2007-5, § 5 )

                    
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