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JAN 19 '95 04:25PM EHLERS & ASSOCIATES P.25/28 <br />determines and declares that (1) the Bonds are issued by a <br />governmental unit with general taxing powers, (2) no Bond is a <br />private activity bond, (3) ninety -five percent (95 %) or more of <br />the net proceeds of the Bonds are to be used for local <br />governmental activities of the city (or of a governmental unit <br />the jurisdiction of which is entirely within the jurisdiction of <br />the City), and (4) the aggregate face amount of all tax- exempt <br />bonds (other than private activity bonds) issued by the City (and <br />all subordinate entities thereof, and all entities treated as one <br />issuer with the City) during the calendar year in which the Bonds <br />are issued and outstanding at one time is not reasonably expected <br />to exceed $5,000,000, all within the meaning of Section <br />148(£)(4)(C) of the Code. <br />25. Designation of Oualified Tax- Exempt Obligations. <br />In order to qualify the Bonds as "qualified tax - exempt <br />obligations" within the meaning of Section 265(b)(3) of the Code, <br />the City hereby makes the following factual statements and <br />representations: <br />(a) the Bonds are issued after August 7, 1986; <br />(b) the Bonds are not "private activity bonds" as <br />defined in Section 141 of the Code; <br />(c) the City hereby designates the Bonds as <br />"qualified tax - exempt obligations" for purposes of <br />Section 265(b)(3) of the Code; <br />(d) the reasonably anticipated amount of <br />tax - exempt obligations (other than private activity <br />bonds, treating qualified 501(c)(3) bonds as not being <br />private activity bonds) which will be issued by the <br />City (and all entities treated as one issuer with the <br />City, and all subordinate entities whose obligations <br />are treated as issued by the City) during this calendar <br />year 1995 will not exceed $10,000,000; and <br />(e) not more than $10,000,000 of obligations <br />issued by the City during this calendar year 1995 have <br />been designated for purposes of Section 26$(b)(3) of <br />the Code. <br />The City shall use its best efforts to comply with any federal <br />procedural requirements which may apply in order to effectuate <br />the designation made by this paragraph. <br />26. Severabilitv. If any section, paragraph or <br />provision of this resolution shall be held to be invalid or <br />unenforceable for any reason, the invalidity or unenforceability <br />2810]5.1 26 <br />Page 40 <br />