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APR 08 93 1 0zPM EWERS ASSOCIATES P.21/23 (ii) the Bonds are not "private activity bands" as defined in Section 141 of the Code (Private Activity Bonds); of the net proceeds of the Bonds are to be used (iii? ninety-five percent for the local g overnmental purposes of the City; and (iv) the aggregate face amount of all tax-exempt bonds (other than Private Activity Bonds) issued by the City in calendar year in which t�h�yeBpa�t�ns are to be issued is not reasonably expected to exceed $5,00", 0 Therefore, pursuant to the provisions of Section 148(f)(4)(c) of the Code, the City s hall not be required to comply with the arbitrage rebate requirements of paragraphs (2) and (3) of Section 1 of the Code. 6.04. iii O. t .atei After February 1, 1999 the City Clerk shall ascertain monthly the amount on deposit Z 1999 the amount on deposit therein ever in the Bond Fund If after February to amount of principal and interest due and exceeds by more than $53,750 the a 12 months, such excess shalllbe from the used Barad Fund redeem onds next be invested at a yield less than or equal t the yield to he B upon their amounts, maturities and interest rates to the yield can the Bonds, based I?� on their date of issue, computed by the actuarial method. If any addi in the are ever issued and made payable from the Bond Fund, the dollar amount preceding sentence shall be changed to equal 5 pe'p1t of the aggregate original p ant of the bonds of all series, including the Bonds, of winch any bonds are then outstanding and payable therefrom. The City reserves the right to autend the provisions of this Section at any time, whether prior to or after the delivery of the Bonds, if and to the extent that this Council determines that the provisions of this Section are not necessary in order to ensure that the Bonds are not "arbitrage bonds" within the meaning of Section 148 of the Code and Regulations. C The Mayor and the City Clerk, being the 6.05. for the Bonds pursuant to offices of the City charged with the responslbility issuing this resolution, are authorized and directed to execute and deliver to the Purchaser a certification in accordance with the provisions ine of Section 148 of the Code, and Sections 1.Xfx3- I3,1.103 --14 and I.ZO:� --1 Regulations, stating the facts, estimates and circumstances in existence on the date of issue and delivery of the that the of the Bonds will not be Bands which make it reasonable to expect Process used in a manner that would cause the Bonds to be axbitrage bonds within the fining of the Code and Regulations. 6.06. T„ Dina lowanee. The City hereby designates the Bonds as "qualified tax -exempt obligations" for purpose of Section 265(b) of the Code relating -18-