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gross proceeds of the Bonds as provided in Section 1.148-7(e) of the Regulations. The Mayor <br />and/or the City Administrator and/or the Finance Director, are hereby authorized and directed to <br />make such elections as to arbitrage and rebate matters relating to the Bonds as they deem <br />necessary, appropriate or desirable in connection with the Bonds, and all such elections shall be, <br />and shall be deemed and treated as, elections of the City. <br />25. Not Designation of Qualified Tax-Exempt Obligations. The City will not <br />designate the Bonds as "qualified tax exempt obligations" for purposes of Section 265(b)(3) of <br />the Code. <br />26. Official Statement. The Official Statement relating to the Bonds prepared and <br />distributed by Ehlers is hereby approved and the officers of the City are authorized in connection <br />with the delivery of the Bonds to sign such certificates as may be necessary with respect to the <br />completeness and accuracy of the Official Statement. <br />27. Payment of Issuance Expenses. The City authorizes the Purchaser to forward the <br />amount of Bond proceeds allocable to the payment of issuance expenses to Wells Fargo Bank, <br />San Francisco, California on the closing date for further distribution as directed by the City's <br />financial advisor, Ehlers. <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 of this resolution. <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 />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br />Specht, and upon vote being taken thereon, the following voted in favor thereof: <br /> Mayor Kuzma <br /> Councilmember Woestehoff <br /> Councilmember Specht <br /> Councilmember Howell <br /> Councilmember Musgrove <br /> Councilmember Riley <br />and the following voted against the same: <br /> None <br />and the following abstained: <br /> None <br /> <br /> 18 <br /> <br />