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1 <br />1 <br />1 <br />issued and outstanding at one time is not reasonably expected to exceed <br />$5,000,000, all within the meaning of Section 148(f)(4)(C) of the Code. <br />6.02. The City further covenants not to use the proceeds of the Bonds <br />or to cause or permit them or any of them to be used, in such a manner as <br />to cause the Bonds to be "private activity bonds" within the meaning of <br />Sections 103 and 141 through 150 of the Code. <br />6.03. In order to qualify the Bonds as "qualified tax - exempt obliga- <br />tions" within the meaning of Section 265(b)(3) of the Code, the City hereby <br />makes the following factual statements and representations: <br />(a) the Bonds are not "private activity bonds" as defined in <br />Section 141 of the Code; <br />(b) the City hereby designates the Bonds as "qualified tax - <br />exempt obligations" for purposes of Section 265(b)(3) of the Code. <br />(c) the reasonably anticipated amount of tax- exempt obligations <br />(other than private activity bonds, treating qualified 501(c)(3) bonds <br />as not being private activity bonds) which will be issued by the City <br />(and all subordinate entities of the City) during calendar year 1987 <br />will not exceed $10,000,000; and <br />(d) not more than $10,000,000 of obligations issued by the City <br />during calendar year 1987 have been designated for purposes of Section <br />265(b) (3) of the Code. <br />The City shall use its best efforts to comply with any federal procedural <br />requirements which may apply in order to effectuate the designation made by <br />this paragraph. <br />The motion for the adoption of the foregoing resolution was duly <br />seconded by Councilmember and upon vote being taken <br />thereon, the following voted in favor thereof: <br />and the following voted against: <br />whereupon said resolution was declared duly passed and adopted. <br />L41 <br />