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amounts invested at a yield greater than the yield on the Certificates, and (iii) the rebate of excess <br />investment earnings to the United States if the Certificates (together with other obligations <br />reasonably expected to be issued and outstanding at one time in this calendar year) exceed the <br />small issuer exception amount of $5,000,000. <br />For purposes of qualifying for the small issuer exception to the federal arbitrage rebate <br />requirements for governmental units issuing $5,000,000 or less of bonds, the City hereby finds, <br />determines and declares that (i) the Certificates are issued by a governmental unit with general <br />taxing powers; (ii) no Certificate is a private activity bond; (iii) ninety five percent or more of the <br />net proceeds of the Certificates are to be used for local governmental activities of the City (or of <br />a governmental unit the jurisdiction of which is entirely within the jurisdiction of the City); and <br />(iv) the aggregate face amount of all tax exempt bonds (other than private activity bonds) issued <br />by the City (and all entities subordinate to, or treated as one issuer with the City) during the <br />calendar year in which the Certificates are issued and outstanding at one time is not reasonably <br />expected to exceed $5,000,000, all within the meaning of Section 148(f)(4)(D) of the Code. <br /> <br />27.Payment of Issuance Expenses. The City authorizes the Purchaser to forward the <br />amount of Certificate proceeds allocable to the payment of issuance expenses to the Registrar on <br />the closing date for further distribution as directed by the Purchaser. <br /> <br />28.Severability. 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 hereof. <br /> <br />29.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 /> 19 <br /> <br /> <br />