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(c) the Issuer hereby designates the Bonds as <br />"qualified tax - exempt obligations" for purposes of Section <br />265(b)(3) of the Code; <br />(d) at the time the Bonds were issued, the amount <br />of tax - exempt obligations (other than private activity bonds, <br />treating qualified 501(c)(3) bonds as not being private <br />activity bonds) which had been and were to be issued in 1986 <br />by the Issuer (and all entities treated as one issuer with the <br />Issuer, and all subordinate entities thereof) during calendar <br />year 1986 was not reasonably expected to did not exceed <br />$10,000,000; and <br />(e) not more than $10,000,000 of obligations issued <br />by the Issuer during calendar year 1986 have been designated <br />for purposes of Section 265(b)(3) of the Code. <br />The motion for the adoption of the foregoing <br />resolution was duly seconded by member <br />after full discussion thereof and upon vote being taken <br />thereon, the following voted in favor thereof: <br />and the following voted against the same: <br />whereupon said resolution was declared duly passed and <br />adopted. <br />3 <br />Page 11 <br />, and <br />