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190 <br />action within its power that may be necessary to ensure that such interest will not <br />become subject to taxation under the Code and applicable Treasury Regulations, as <br />presently existing or as hereafter amended and made applicable to the Bonds. <br />6.02. The City shall comply with requirements necessary under the Code to <br />establish and maintain the exclusion from gross income of the interest on the Bonds <br />under Section 103 of the Code, including without limitation requirements relating to <br />temporary periods for investments, limitations on amounts invested at a yield greater <br />than the yield on the Bonds, and the rebate of excess investment earnings to the <br />United States to the extent required. <br />6.03. The City further covenants not to use the proceeds of the Bonds or to <br />cause or permit them or any of them to be used, in such a manner as to cause the <br />Bonds to be "private activity bonds" within the meaning of Sections 103 and 141 <br />through 150 of the Code. <br />6.04. In order to qualify the Bonds as "qualified tax- exempt obligations" <br />within the meaning of Section 265(b) (3) of the Code, the City makes the following <br />factual statements and representations: <br />(a) the Bonds are not "private activity bonds" as defined in Section <br />141 of the Code; <br />(b) the City designates the Bonds as "qualified tax- exempt <br />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 as not <br />being private activity bonds) which will be issued by the City (and all <br />subordinate entities of the City) during calendar year 1992 will not exceed <br />$10,000,000; and <br />(d) not more than $10,000,000 of obligations issued by the City <br />during calendar year 1992 have been designated for purposes of Section <br />265(b)(3) of the Code. <br />6.05. The City will use its best efforts to comply with any federal procedural <br />requirements which may apply in order to effectuate the designations made by this <br />section. <br />The motion for the adoption of the foregoing resolution was duly seconded by <br />Member Elliott <br />, and upon vote being taken thereon, the following <br />voted in favor thereof: Neal, Kuether, Reinert, Elliott. <br />and the following voted against the same: None. <br />whereupon said resolution was declared duly passed and adopted. <br />5NG31647 <br />LN140 -23 <br />