Title
Request to Amend the 2010 Refunding Bond Resolution by designating the bonds as Qualified Tax Exempt Obligations
Body
Whereas, pursuant to Resolution No. 0308-2009 (the "Bond Resolution") adopted by the City Council of the City of Rochester Hills (the "City") on November 23, 2009, the City Council authorized the issuance of the City's General Obligation Unlimited Tax Refunding Bonds, Series 2010 (the "Refunding Bonds") in the aggregate principal amount of not to exceed $7,500,000 for the purpose of refunding all or part of the City's outstanding General Obligation Unlimited Tax Bonds, Series 2001; and
Whereas, it is necessary and in the best interests of the City to amend the Bond Resolution as hereinafter provided.
Now, Therefore, Be It Resolved:
1. AMENDMENT TO BOND RESOLUTION. The Bond Resolution is amended by adding thereto a new Section 22, which shall read as follows:
"22. QUALIFIED TAX EXEMPT OBLIGATIONS. The Refunding Bonds are hereby designated as Qualified Tax Exempt Obligations as described in Section 265(b)(3)(B) of the Internal Revenue Coe of 1986, as amended."
2. RATIFICATION OF BOND RESOLUTION; CONFLICTING RESOLUTIONS. The Bond Resolution, as amended herein, is ratified and confirmed. All other resolutions and parts of other resolutions insofar as they may be in conflict are hereby rescinded.