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ATTY/RESO.0003/CC RESO TEFRA MID-PEN <br />REV: 01-14-16 RL <br />Page 2 of 4 <br />WHEREAS, in order for the interest on the Bonds to be tax-exempt, Section 147(f) <br />of the Internal Revenue Code of 1986, as amended (the “Code”), requires that an <br />“applicable elected representative” of the governmental unit, the geographic jurisdiction <br />of which contains the site of facilities to be financed with the proceeds of the Bonds, hold <br />a public hearing on the issuance of the Bonds and approve the issuance of the Bonds <br />following such hearing; and <br />WHEREAS, the Authority has determined that the City Council is an “applicable <br />elected representative” for purposes of holding such hearing; and <br />WHEREAS, the Authority has requested that the City Council approve the <br />issuance of the Bonds by the Authority in order to satisfy the public approval requirement <br />of Section 147(f) of the Code and the requirements of Section 4 of the Agreement; and <br />WHEREAS, notice of such public hearing has been duly given as required by the <br />Code, and this City Council has heretofore held such public hearing at which all interested <br />persons were given an opportunity to be heard on all matters relative to the financing or <br />refinancing of the Project and the Authority’s issuance of the Bonds therefor; and <br />WHEREAS, it is in the public interest and for the public benefit that the City Council <br />approve the issuance of the Bonds by the Authority for the aforesaid purposes. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL, AS <br />FOLLOWS: <br />Section 1. The foregoing recitals are true and correct. <br />Section 2. The Agreement is hereby approved and the Mayor, the City Manager <br />or the designee of either is hereby authorized and directed to execute said document, <br />and the City Clerk or her designee is hereby authorized and directed to attest thereto. <br />Section 3. The City Council hereby approves the issuance of the Bonds by the <br />Authority. It is the purpose and intent of the City Council that this resolution constitute <br />approval of the issuance of the Bonds (a) by the “applicable elected representative” of the <br />governmental unit having jurisdiction over the area in which the Project is located in <br />accordance with Section 147(f) of the Code and (b) by the City Council in accordance <br />with Section 4 of the Agreement. <br />Section 4. The issuance of the Bonds shall be subject to the approval of the <br />Authority of all financing documents relating thereto to which the Authority is a party. The <br />City shall have no responsibility or liability whatsoever with respect to the Bonds. <br />9.B. - Page 7