Laserfiche WebLink
<br />which is made on behalf ofthe City, is executed for, among other things, the purposes of establishing <br /> <br />the reasonable expectations of the City as to future events relating to the amount and use of the <br /> <br />proceeds of the Note and establishing limitations upon the investment of such proceeds. This <br /> <br />Certificate is being executed and delivered pursuant to Sections 148, 149 and 150 of the Code and <br /> <br />the Income Tax Regulations thereunder (hereinafter "Treas. Reg.") (collectively, the "Arbitrage <br /> <br />Regulations"). <br />6. The facts, estimates, and circumstances set forth herein are based upon <br /> <br />representations made by the City, and to the best knowledge, information and belief of the <br /> <br />undersigned, such facts, estimates, and circumstances are true, correct and complete as of the date <br /> <br />hereof, and the City is not aware of any facts or circumstances that would cause it to question the <br /> <br />accuracy of the representations made herein; the expectations as to future events, which are based <br /> <br />thereon, are in all respects reasonable; and there are no other facts, estimates, or circumstances that <br /> <br />would materially change such expectations. On the basis of such facts, estimates, and circumstances, <br /> <br />it is not expected that the proceeds of the Note will be used in a manner that would cause the Note <br /> <br />to be an arbitrage note under Section 148 of the Code and the Arbitrage Regulations. <br /> <br />7. The Note is being issued to provide funds to finance the Project. <br /> <br />8. The Note is being sold to Bank of America, N.A. (the "Original Purchaser") <br /> <br />at a purchase price of$20,000,000.00.00 representing the par amount of the Note. <br /> <br />9. The City expects as of this date that the term ofthe Note is not longer than <br /> <br />is reasonably necessary for the purpose of the issue. <br /> <br />10. The proceeds of the Note will be used to pay costs of the Project. The City <br /> <br />expects that at least 85% of the net sale proceeds of the Note will be expended by the end of the <br /> <br />three-year period beginning on the date ofthis Certificate, The City expects that it will within six <br /> <br />2 <br />