HomeMy WebLinkAboutArbitrage Certificate $300,000 Bond Anticipation Note 1991ARBITRAGE CERTIFICATE
VILLAGE OF CAYUGA HEIGHTS, TOMPKINS COUNTY, NEW YORK
$300,000.00 BOND ANTICIPATION NOTE, 1991
The undersigned certifies that he is the chief fiscal officer
of the Village of Cayuga Heights, Tompkins County, New York (the
"Issuer ") and that in his capacity as such, he among others, is
charged with the responsibility for issuing the above - mentioned
obligation of the Issuer (the "Obligation ") being issued on the
date hereof, and further certifies as follows:
1. The facts and circumstances set forth below are in
existence on the date hereof. The Issuer's expectations as to
future events are also set forth below and include the expectation
that the proceeds of the Obligation will not be used in a manner
that would cause the obligation to be an "arbitrage bond" within
the meaning of Section 103 of the Internal Revenue Code of 1954
(the "Code ") and the applicable temporary and proposed regulations
promulgated by the Department of the Treasury thereunder. To the
best of my knowledge and belief, the Issuer's expectations are
reasonable.
2. $300,000.00 of the proceeds of the obligation will be used
to pay the cost of the project set forth in the bond anticipation
note certificate of the chief fiscal officer, dated Sept. 6 ' . ,
1991, which is incorporated herein by reference. Such proceeds
will be expended prior to December 23, 1991 and the Issuer expects
that binding contracts or commitments obligating the expenditure,
for work
on the project, of
not less than 100% of
the
cost of
the
project,
have been or will
be entered into prior
to
December
23,
19bl. After a contract or commitment has been entered into for the
project, work thereon will proceed with due diligence to full
completion.
3. None of the Obligation proceeds will be invested.
4. It is reasonably expected that all payments of principal
or interest on the Obligation (other than those made from refunding
obligations) shall be made from the current annual revenues of the
Issuer.
5. The Issuer has not received notice that its certificate
as to arbitrage may not be relied upon with respect to its issues,
nor has it been advised that any such adverse action is
contemplated by the Commissioner of Internal Revenue.
6. To the best of my knowledge and belief, there are no other
facts, estimates or circumstances that would change the foregoing
matters.
IN WITNESS WHEREOF, I have hereunto set my hand this 6 th day
Of Septembe; 1991.
71 Mk-
JEFFREM A. SI BER
Village Treasurer