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(d) the aggregate face amount of all tax-exempt bonds (other than private activity <br />bonds) issued by the City (and all subordinate entities thereof, and all entities treated as one <br />issuer with the City) during the calendar year in which the Certificates are issued and outstanding <br />at one time is not reasonably expected to exceed $5,000,000, all within the meaning of Section <br />148(f)(4)(D) of the Code. <br /> <br /> 24. 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 of this resolution. <br /> <br /> 25. 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 />Councilmember Cook and, after a full discussion thereof and upon vote being taken thereon, the <br />following voted in favor thereof: <br /> <br />Mayor Gamec <br />Councilmember Elvig <br />Councilmember Cook <br />Councilmember Kurak <br />Councilmember Pearson <br />Councilmember Strommen <br />Councilmember Zimmerman <br /> <br />and the following voted against the same: <br /> <br />Nolle <br /> <br />and the following abstained: <br /> <br />None <br /> <br />and the following were absent: <br /> <br />None <br /> <br />Whereupon the resolution was declared duly passed and adopted by the Ramsey City Council <br />this the 9th day of December 2003. <br /> <br />,ATTEST:~ <br /> <br /> City Clerk <br /> <br />Mayor <br /> <br />594839vl <br /> <br />16 <br /> <br /> <br />