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<br />25. Designation ofOualified Tax-Exempt Obligations. In order to qualify the Bonds <br />as "qualified tax exempt obligations" within the meaning of Section 265(b)(3) ofthe Code, the <br />City hereby makes the following factual statements and representations: <br /> <br />(a) the Bonds are issued after August 7, 1986; <br /> <br />(b) the Bonds are not "private activity bonds" as defined in Section 141 of the Code; <br /> <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 /> <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 2006 will <br />not exceed $10,000,000; and <br /> <br />(e) not more than $10,000,000 of obligations issued by the City during this calendar <br />year 2006 have been designated for purposes of Section 265(b)(3) of the Code. <br /> <br />The City shall use its best efforts to comply with any federal procedural requirements <br />which may apply in order to effectuate the designation made by this paragraph. <br /> <br />26. 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 ofthe remaining provisions of this resolution. <br /> <br />27. 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 member <br />and, after a full discussion thereof and upon a vote being taken thereon, <br />the following voted in favor thereof: <br /> <br />and the following voted against the same: <br /> <br />Whereupon the resolution was declared duly passed and adopted. <br /> <br />1988178vl <br /> <br />18 <br />