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25. Designation of Qualified Tax-Exempt Obligations; Issuance Limit. In order to <br />qualify the Bonds as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) <br />of the Code, the City hereby makes the following factual statements and representations: <br /> <br />(a) the Bonds are issued after August 7, 1986; <br /> <br /> (b) <br />Code; <br /> <br />the Bonds are not "private activity bonds" as defined in Section 141 of the <br /> <br /> (c) the City hereby designates the Bonds as "qualified tax-exempt <br />obligations" for purposes of Section 265(b)(3) of the Code; <br /> <br /> (d) the reasonably anticipated amount of tax-exempt obligations (other than <br />private activity bonds, treating qualified 501(c)(3) bonds as not being private activity <br />bonds) which will be issued by the City (and all entities treated as one issuer with the <br />City, and all subordinate entities whose obligations are treated as issued by the City) <br />during this calendar year 2003 will not exceed $10,000,000; <br /> <br /> (e) not more than $10,000,000 of obligations issued by the City during this <br />calendar year 2003 have been designated for purposes of Section 265(b)(3) of the Code; <br /> <br />(f) the aggregate face amount of the Bonds does not exceed $10,000,000; and <br /> <br /> (g) the Bonds are issued to refund, and not to "advance refund" the Prior <br />Bonds within the meaning of Section 149(d)(5) of the Code, and shall not be taken into <br />account under the $10,000,000 issuance limit to the extent the Bonds do not exceed the <br />outstanding amount of the Prior Bonds. <br /> <br />The City shall use its best efforts to comply with any federal procedural requirements which may <br />apply in order to effectuate the designation made by this paragraph. <br /> <br /> 26. Severabilit¥. If any section, paragraph or provision of this resolution shall be held <br />to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, <br />paragraph or provision shall not affect any of the remaining provisions of this resolution. <br /> <br /> 27. Headings. Headings in this resolution are included for convenience of reference <br />only and are not a part hereof, and shall not limit or define the meaning of any provision hereof. <br /> <br /> The motion for the adoption of the foregoing resolution was duly seconded by <br />Councilemmber Kurak and, after a full discussion thereof and upon a vote being taken thereon, <br />the following voted in favor thereof: <br /> <br />Mayor Gamec <br />Councilmember Kurak <br />Councilmember Cook <br />Councihnember Elvig <br />Councihnember Pearson <br /> <br />1487836v1 18 <br /> <br /> <br />