AgdaPkt 2003-07-28 - Laserfiche WebLink

Browse Search

6. N-5�- such tax consequences. Accordingly, before purchasing any of the 2003 Bonds, all potential purchasers should consult their tax advisors with respect to collateral tax consequences relating to the 2003 Bonds. .%nd Counsel's opinions may be affected by actions taken (or not taken) or events occurring (or not occurring) after the date hereof. Bond Counsel has not undertaken to determine, or to inform any person, whether any such actions or events are taken or do occur. The Fiscal Agent Agreement and the Tax Certificate relating, to the 2003 Bonds permit certain actions to be taken or to be omitted if a favorable opinion of Bond Counsel is provided with respect thereto. Bond Counsel expresses no opinion as to the exclusion from gross income of the interest on the 2003 Bonds (and original issue discount) for federal income tax purposes if any such action is taken or omitted based upon the advice of counsel other than Stradling Yocca Carlson & Rauth, a Professional Corporation. No Litigation At the time of delivery of the 2003 Bonds, the City and the District will certify that there is no action, suit, proceeding, Inquiry or investigation, at law or in equity, before or by any court or regulatory agency, public board or body pending or threatened against the City or the District affecting their existence, or the titles of their respective officers, or seeking to restrain or to enjoin the issuance, sale or delivery of the 2003 Bonds, the application of the proceeds thereof in accordance with the Fiscal Agent Agreement, or the collection or application of the Special Tax to pay the principal of and interest on the 2003 Bonds, or in any way contesting or affecting the validity or enforceability of the 2003 Bonds, the Fiscal Agent Agreement or any other applicable agreements or any action of the City or the District contemplated by any of said documents, or in any way contesting the completeness or accuracy of this Official Statement or any amendment or supplement thereto, or contesting the powers of the City or the District or their authority with respect to the 2003 Bonds or any action of the City or the District contemplated by any of said documents, nor, to the knowledge of the City, is there arty basis therefor. No General Obligation of City or District The Bonds are not general obligations of the City or the District, but are limited obligations of the District payable solely from proceeds of the Special Tax and proceeds of the Bonds, including amounts in the Reserve Account, the Special Tax Fund and the Bond Fund and investment income on funds held pursuant to the Fiscal Agent Agreement (other than as necessary to be rebated to the United States of America pursuant to Section 148(f) of the Code and any applicable regulations promulgated pursuant thereto). Any tax levied for the payment of the Bonds shall be limited to the Special Taxes to be collected within the jurisdiction of the District NO RATINGS The District has not applied for any ratings for the 2003 Bonds. PROFESSIONALS INVOLVED IN THE OFFERING BNY Western Trust Company, San Francisco, California, will serve as the fiscal agent, paying agent, registrar, authentication and transfer agent for the 2003 Bonds and will perform the functions required of it under the Fiscal Agent Agreement for the payment of the principal of and interest and any premium on the 2003 Bonds and all activities related to the redemption of the 2003 Bonds. Stradling Yocca Carlson & Rauth, a Professional Corporation, San Francisco, California is serving as Bond Counsel to the District Jones Hall, A Professional Law Corporation, San Francisco, California, is acting as Disclosure Counsel to the District William Euphrat Municipal Finance, Inc., San Francisco, -37-