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Section 17. Not Qualified Tax -Exempt Obligations. The Note is not designated as a <br />"qualified tax-exempt obligation" for purposes of Section 265(b)(3) of the Code. <br />Section 18. Reimbursement. The City may have incurred certain expenditures with <br />respect to the Project that were financed temporarily from other sources but are expected to be <br />reimbursed with proceeds of the Note. On June 24, 2024, the City Council adopted Resolution <br />No.24-85, declaring the City's official intent to reimburse certain costs of the Project from <br />proceeds of the Note (the "Declaration"). This Declaration is intended to constitute a declaration <br />of official intent for purposes of the Section 1.150-2 of the Treasury Regulations promulgated <br />under the Code. <br />Section 19. Severability. If any section, paragraph or provision of this resolution is held <br />to be invalid or unenforceable for any reason, the validity or unenforceability of such section, <br />paragraph or provision will not affect any of the remaining provisions of this resolution. <br />Section 20. Headings. Headings in this resolution are included for convenience of <br />reference only and are not a part hereof, and do not limit or define the meaning of any provision <br />hereof. <br />(The remainder of this page is intentionally left blank.) <br />7 <br />