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10554438v2 <br /> <br /> <br />3 <br /> <br />The Note recites in substance that the Note, including interest thereon, is payable solely from the <br />revenue and proceeds pledged to the payment thereof. The Note shall not constitute a debt of the <br />City within the meaning of any constitutional or statutory limitation. <br />SECTION 3 BANK QUALIFIED. <br />3.1 Qualified Tax Exempt Obligations. The Note, as amended, is deemed a "qualified tax- <br />exempt obligation" within the meaning of Section 265(b)(3) of the Internal Revenue Code of <br />1986, as amended (the "Code").