ORDINANCES & RESOLUTIONS 2009 - Laserfiche WebLink

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a legal holiday or a day on which banking institutions in the town or the city in which the Registrar and Paying Agent is located are typically closed, such payment may be made or act performed or right exercised on the next succeeding day not a legal holiday or a day on which such banking institutions are typically closed, with the same force and effect as if done on the nominal date provided in this Ordinance, and no interest shall accrue for the period after such nominal date. SECTION 29. Qualified Tax-Exempt Obligations. The Bonds are hereby designated as "qualified tax-exempt obligations" for the purposes of Paragraph (3) of Section 265(b) of the Code, and any or all Officials, Officers, Members, Employees and Agents of the Town are hereby authorized to execute on behalf of the Town any documents necessary or appropriate to evidence further such designation. The reasonably anticipated amount of "tax-exempt obligations" (as such term is used in Section 265(b) of the Code) (other than obligations described in Section 265(b)(3)(C)(ii) of the Code) which will be issued by the Town or otherwise on behalf of the Town or subordinate entities during the calendar year 2010 does not exceed $30,000,000, and not more than $30,000,000 of obligations issued by the Town or otherwise on behalf of the Town or subordinate entities have been designated "qualified tax-exempt obligations" during calendar year 2010. The designation set forth in this SECTION 29 may be revoked by the Clerk-Treasurer by written certificate at any time prior to the sale of the Bonds: SECTION 30. Separability. If any section, paragraph or provision of this Ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this Ordinance. SECTION 31. Captions. The captions in this Ordinance are inserted only as a matter of convenience and reference, and such captions are not intended and shall not be construed to define, limit, establish, interpret or describe the scope, intent or effect of any provision of this Ordinance. SECTION 32. Effectiveness. The provisions of this Ordinance shall take effect, and be in full force and effect from and after passage and adoption by the Town Council of the Town of Mooresville, Morgan County, Indiana, in conformance with applicable law. 32