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subordinate entities thereof, and all entities treated as one issuer with the City) during the <br />calendar year in which the Bonds 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 />28. Designation of Qualified Tax - Exempt Obligations. In order to qualify the Bonds <br />as "qualified tax - exempt obligations" within the meaning of Section 265(b)(3) of the Code, the <br />City hereby makes the following factual statements and representations: <br />(a) the Bonds are issued after August 7, 1986; <br />(b) the Bonds are not "private activity bonds" as defined in Section 141 of the Code; <br />(c) the City hereby designates the Bonds as "qualified tax - exempt obligations" for <br />purposes of Section 265(b)(3) of the Code; <br />(d) the reasonably anticipated amount of tax - exempt obligations (other than private <br />activity bonds, treating qualified 501(c)(3) bonds as not being private activity bonds) which will <br />be issued by the City (and all entities treated as one issuer with the City, and all subordinate <br />entities whose obligations are treated as issued by the City) during this calendar year 2001 will <br />not exceed $10,000,000; and <br />(e) not more than $10,000,000 of obligations issued by the City during this calendar <br />year 2001 have been designated for purposes of Section 265(b)(3) of the Code. <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 />29. 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 />30. 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 <br />Councilmember Kurak and, after a full discussion thereof and upon a vote being taken thereon, <br />the following voted in favor thereof: <br />Mayor Gamec <br />Councilmember Hendriksen <br />Councilmember Kurak <br />Councilmember Anderson <br />Councilmember Zimmerman <br />and the following voted against the same: <br />• None <br />Whereupon the resolution was declared duly passed and adopted. <br />1346048v1 <br />21 <br />