RES-7942 Electing to Exclude Amounts Earned on Debt Service FundRESOLUTXON NO. 7942
A RESOLUTXON OF THB CXTY COUNCXL OF THE
CXTY 01' ORANGB BLECTXNG TO EXCLUDE AMOUNTS
EARNED ON THB DEBT SERVXCE FUND FOR THB
CXTY OF ORANGE XMPROVBMBNT BONDS ASESS-
KENT DXSTRXCT 86-1 (BAST ORANGE)
FROM THE CALCULATXON OF AMOUNTS SUBJECT
TO ARBXTRAGB REBATE UNDER XNTERNAL
REVENUE CODE SECTXON
148.WHEREAS, section 6181(b) of the Technical
and Miscellaneous Revenue Act of 1988 (the "Act") amends
section 148(f) (4) (A) of the Internal Revenue Code of 1986 (the "
Code")to provide that amounts earned on a bona fide debt service
fund for bonds such as the City of Orange Improvement
Bonds Assessment District No. 86-1 (East Orange) (the "
Bonds") shall not be taken into account in calculating arbitrage
rebate under section 148 of the
Code; and WHEREAS, section 6181(C) (2) of the Act permits the
city to make a one-time election to apply the
amendments made by subsection 6181(b) of the Act to
amounts deposited after November 10, 1988 in the debt service fund of
the bonds, and city desires to
make such election.NOW, THEREFORE, BE XT RESOLVED by the City
Council of the City of
Orange as follows:SECTXON X. Pursuant to section 6181(c) (
2) of the Technical and Miscellaneous Revenue Act of 1988,
P.L. 100-647,as signed by the President of the United
states on November 10,1988, the city hereby elects to apply
the provisions of the Internal Revenue Code of 1986, section 148(f) (
4) (A) (as amended by section 6181(b) of the Act)
to amounts deposited after November 10, 1988 to the debt service fund
for the city of Orange Improvement Bonds Assessment
District No. 86-
1 (East Orange) (the "Bonds").SECTXON xx. The Finance
Director of the city is authorized and instructed to place
and maintain a signed copy of this Resolution as a part
of the official transcript of years after the date
of final computation of rebateable arbitrage
in respect of the Bonds.ADOPTED this
21st day
of January, 1992.GENE BEYER Mayor
of
thecityofOrangeATTEST: ~ J(k:ir ~
BY: - 4cA. 14'f~1 ~ F D L. BARR
RA, MAYOR PRO TEM City Clerk f
I hereby certify that the foregoing Resolution was duly
and regularly adopted by the city council of the city of Orange
at a regular meeting thereof held on the 10th of December,
1991, by the following vote:
AYES:
NOES:
ABSENT:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
STEINER, BARRERA, COONTZ, SPURGEON
NONE
MAYOR BEYER
c~-~"
C2~City
Clerk f th?il' of Orange RESO
NO. 7942 2-dg