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agreements contained therein, unless amended or terminated in accordance with <br /> the provisions thereof. <br /> 6.06. 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 /> 6.07. Official Statement. The Official Statement relating to the Bonds, <br /> dated ,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 /> Service Maximum <br /> Payee Performed Amount <br /> Ehlers Associates, Inc. <br /> Minneapolis, Minnesota Financial Consultant <br /> Moody's Investors Service, Inc. Rating of Bonds <br /> New York, New York <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 /> -18- <br />