(A) For the purpose of lowering borrowing costs for borrowers pursuant to the program, there is authorized to be issued and delivered, pursuant to this subchapter and the administration agreement, certificates, the total proceeds of which do not exceed 25% of the principal amount of qualified mortgage bonds elected not to be issued pursuant to the election described in § 33.148 below.
(B) The certificates shall be designated “City of Oak Forest, Cook County, Illinois Single Family Mortgage Credit Certificates, Series 1992.”
(C) The certificates shall be issued and delivered by the Local Administrator under the supervision of the Program Administrator as set forth in the administration agreement.
(D) The certificates shall be executed by the manual or facsimile signatures of the Mayor and the City Clerk of the municipality, and the seal of the municipality or a facsimile thereof shall be affixed thereto or printed thereon.
(E) At the time each certificate is issued, it shall be countersigned by the manual signature of the Local Administrator or as otherwise provided in the administration agreement.
(F) The form of the certificates shall be that prescribed by the Internal Revenue Service.
(G) If no form is prescribed or if the form is not readily available, the certificates shall be issued in the form prepared by the Program Administrator in accordance with the provisions of the administration agreement.
(H) The certificates shall contain the information required by IRS Regulations § 1.256T(b) and other information as the Program Administrator in its discretion may deem necessary.
(2000 Code, § 3.16.080)