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(a) the Bonds are not "private activity bonds" as defined in Section <br />141 of the Code; <br /> <br /> (b) the City hereby designates the Bonds as "qualified tax-exempt <br />obligations" for purposes of Section 265(b)(3) of the Code; <br /> <br /> (c) the reasonably anticipated amount of tax-exempt obligations <br />(other than any private activity bonds other than qualified 501 (c)(3) bonds) <br />wh/ch will be issued by the City (and all subordinate entities of the City) <br />during calendar year 1992 will not exceed $10,000,000; and <br /> <br /> (d) not more than $10,000,000 of obligations issued by the City <br />during calendar year 1992 have been designated for purposes of Section <br />265(b)(3) of the Code. <br /> <br /> 7.05. The City will use its best efforts to comply with any federal procedural <br />requirements which may apply in order to effectuate the designations made by this <br />section. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by <br /> <br />Member Beyer <br /> <br />, and upon vote being taken thereon, the following <br /> <br />voted in favor thereof: <br />Mayor Gilbertson, Councilmembers Cich, Beyer, Hardin and Peterson <br />and the following voted against the same: <br /> None <br />whereupon said resolution was declared duly passed and adopted. <br /> <br />~yor <br /> <br />ATTEST: <br /> <br />City ~i~-istrator <br /> <br />8NG27511 <br />RA125-32 <br /> <br /> <br />