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• <br />• <br />• <br />6.05. Interest Disallowance. The City hereby designates the Bonds as <br />"qualified tax-exempt obligations" for purpose of Section 265(b) of the Code relating <br />to the disallowance of interest expenses for financial institutions. The City <br />represents that in calendar year 1993 the City and all subordinate entities do not <br />reasonably expect to issue tax-exempt obligations which are not private activity <br />bonds (not treating qualified 501(c)(3) bonds under Section 145 of the Code as private <br />activity bonds for purposes of this representation) in an amount in excess of <br />$10,000,000. <br />6.06. Official Statement. The Official Statement relating to the Bonds, <br />dated January 18,1993, prepared and distributed on behalf of the City by Ehlers and <br />Associates, Inc., is hereby approved. Ehlers and Associates, Inc., is hereby authorized <br />of behalf of the City to prepare and distribute to the Purchaser a supplement to the <br />Official Statement listing the offering price, the interest rates, other information <br />relating to the Bonds required to be included in the Official Statement by Rule 15c2- <br />12 adopted by the Securities and Exchange Commission under the Securities <br />Exchange Act of 1934. Within seven business days from the date hereof, the City <br />shall deliver to the Purchaser 75 copies of the Official Statement and such <br />supplement. The officers of the City are hereby authorized and directed to execute <br />such certificates as may be appropriate concerning the accuracy, completeness and <br />sufficiency of the Official Statement. <br />Section 7. Authorization of Payment of Certain Costs of Issuance of the <br />Bonds. The City Clerk is hereby authorized and directed on the date of issuance and <br />delivery of the Bonds to pay from the proceeds of the sale of the Bonds the fees and <br />expenses of the following persons incurred in connection with the issuance of the <br />Bonds up to the maximum amount set forth opposite the name of such person <br />upon receipt by the City Clerk of a satisfactory statement therefor: <br />Payee <br />Ehlers & Associates, Inc. <br />Minneapolis, Minnesota <br />Moody's Investors Service, Inc. <br />New York, New York <br />Service Maximum <br />Performed Amount <br />Financial Consultant $14,750 <br />Rating of Bonds 4, 500 <br />The claims of the above persons up to the maximum amount set forth opposite the <br />name of such person is hereby approved and no further action of this Council shall <br />-1& <br />