Small Issuer Exemption from Bank Nondeductibility Restriction. Based on the following representations of the Lessee, the Lessee hereby designates this Lease and the interest components of the Lease Payments hereunder as “qualified tax-exempt obligations” within the meaning of Section 265(b)(3) of the Code: (i) this Lease and the Lease Payments hereunder are not private activity bonds within the meaning of Section 141 of the Code; (ii) the Lessee reasonably anticipates that it, together with all “aggregated issuers,” will not issue during the current calendar year obligations (other than those obligations described in clause (iii) below) the interest on which is excluded from gross income for federal income tax purposes under Section 103 of the Code which, when aggregated with this Lease, will exceed an aggregate principal amount of $10,000,000; (iii) and notwithstanding clause (ii) above, the Lessee and its aggregated issuers may have issued in the current calendar year and may continue to issue during the remainder of the current calendar year private activity bonds other than qualified 501(c)(3) bonds as defined in Section 145 of the Code. For purposes of this subsection, "aggregated issuer" means any entity which (a) issues obligations on behalf of the Lessee, (b) derives its issuing authority from the Lessee, or (c) is subject to substantial control by the Lessee. The Lessee hereby certifies and represents that it has not created, does not intend to create and does not expect to benefit from any entity formed or availed of to avoid the purposes of Section 265(b)(3)(C) or (D) of the Code.
Small Issuer Exemption from Bank Nondeductibility Restriction. The District hereby designates the Loan for purposes of paragraph (3) of Section 265(b) of the Tax Code and represents that not more than $10,000,000 aggregate principal amount of obligations the interest on which is excludable (under Section 103(a) of the Tax Code) from gross income for federal income tax purposes (excluding (i) private activity bonds, as defined in Section 141 of the Tax Code, except qualified 501(c)(3) bonds as defined in Section 145 of the Tax Code and (ii) current refunding obligations to the extent the amount of the refunding obligation does not exceed the outstanding amount of the refunded obligation), including the Loan, has been or will be issued by the District, including all subordinate entities of the District, during the calendar year 2020.
Small Issuer Exemption from Bank Nondeductibility Restriction. The District and Authority hereby designate the Installment Sale Agreement and Certificates for purposes of paragraph
Small Issuer Exemption from Bank Nondeductibility Restriction. The School District hereby designates the 2014 Bonds for purposes of paragraph (3) of section 265(b) of the Code and represents that neither it nor any related or any applicable subordinate entities (for purposes of the Code), reasonably expects to issue or incur any Tax-Exempt Debt (as defined below), other than the 2014 Bonds, in calendar year 2014, with a principal amount, together with the initial principal amount of the 2014 Bonds, that exceeds $10,000,000. The term “Tax-Exempt Debt,” as used in the preceding sentence means and includes any obligations the interest on which is excludable (under section 103(a) of the Code) from gross income for federal income tax purposes, excluding (A) private activity bonds, as defined in section 141 of the Code, and (B) current refunding obligations to the extent the amount of the refunding obligation does not exceed the outstanding amount of the refunded obligation.
Small Issuer Exemption from Bank Nondeductibility Restriction. The County hereby designates the Bonds for purposes of paragraph (3) of section 265(b) of the Code and represents that neither it nor any related or subordinate entities (for purposes of the Code), reasonably expects to issue or incur any Tax-Exempt Debt (as defined below), other than the Bonds, in calendar year 2014, with a principal amount, together with the initial principal amount of the Bonds, that exceeds $10,000,000. The term “Tax-Exempt Debt,” as used in the preceding sentence means and includes any obligations the interest on which is excludable (under section 103(a) of the Code) from gross income for federal income tax purposes, excluding (A) private activity bonds, as defined in section 141 of the Code, and (B) current refunding obligations to the extent the amount of the refunding obligation does not exceed the outstanding amount of the refunded obligation.
Small Issuer Exemption from Bank Nondeductibility Restriction. The Authority has designated the Loan as a “qualified tax exempt obligation” pursuant to Section 265(b)(3)(B) of the Code. The Authority has not designated more than $10,000,000 of tax exempt obligations as “qualified tax exempt obligations” during calendar year 2017. The Authority does not reasonably expect that it and all entities that issue on behalf of or that are subordinate to the authority will issue any other tax exempt obligations during calendar year 2017.
Small Issuer Exemption from Bank Nondeductibility Restriction. The Authority has designated the Loan as a “qualified tax exempt obligation” pursuant to Section 265(b)(3)(B) of the Code. The Authority has not designated more than $10,000,000 of tax exempt obligations as “qualified tax exempt obligations” during calendar year 2017. The Authority does not reasonably expect that it and all entities that issue on behalf of or that are subordinate to the authority will issue any other tax exempt obligations during calendar year 2017.
