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<br />,. <br /> <br />. <br /> <br />, <br /> <br />. <br /> <br />, <br /> <br />RESOLUTION NO. 79-61 <br />PAGE THREE <br /> <br />. <br /> <br />of any other issue for repayment; (J) substantially all of the <br />proceeds (not to be less than 90 percent as required under the <br />Internal Revenue Code) of such issue is to be used for the acqui- <br />sition, construction, reconstruction, or improvement of land or <br />property of a character subject to the allowance for depreciation <br />under Section 167 of the Internal Revenue Code; (K) no bond shall <br />be issued except upon the opinion of tax counsel selected by <br />Agency that the interest to be paid to the bond holder on such <br />bonds shall qualify for the exemption from taxation under the <br />Internal Revenue Code. <br /> <br />5. That the continuing activities of the Commission <br />and the Agency staff, and the debts and obligations incurred in <br />formulating, designing and implementing this Program prior to the <br />date of this resolution is hereby ratified, authorized, and con- <br />firmed. <br /> <br />ADOPTED this 5th day of <br />the following vote: <br /> <br />November <br /> <br />, 1979, by <br /> <br />. <br /> <br />ABSENT: <br /> <br />MEMBERS: BRICKEN, GRISET, SERRATO, WARD, YAMAMOTO <br />MEMBERS: MARKEL <br />MEMBERS: LUXEMBOURGER <br /> <br />AYES: <br /> <br />NOES: <br /> <br />~A-I~J~4 Ar <br /> <br />RICHARD E. GOBLIRSCH <br />Executive Director/ <br />Recording Secretary <br /> <br /> <br />~ <br /> <br />CHA <br /> <br /> <br />ATTEST: <br /> <br />APPROVED AS TO FORM: <br /> <br />~~ <br /> <br />KEITH L. GOW <br />. Legal Counsel <br /> <br />. ' <br /> <br />30 <br /> <br />4 <br />