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qualified 501(c) (3) bonds as not being private activity <br /> bonds) which will be issued by the City (and all entities <br /> subordinate to, or treated as one issuer with, the City) <br /> during calendar year 1994 will not exceed $10,000, 000; and <br /> (e) not more than $10,000, 000 of obligations issued or <br /> to be issued by the City during calendar year 1994 have been <br /> designated for purposes of Section 265(b) (3) of 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. Defeasance. When any obligation of a Bond has <br /> covenants and other rights granted by this Resolution to the <br /> registered owner of that Bond (with respect to the obligation <br /> thereof so defeased) shall, to the extent permitted by law, <br /> cease. The City may at any time discharge any or all of such <br /> obligation(s) with respect to any Bond, subject to the provisions <br /> of law now or hereafter authorizing or regulating such action, by <br /> depositing irrevocably in escrow, with a suitable institution <br /> qualified by law as an escrow agent for this purpose, cash or <br /> securities which are backed by the full faith and credit of the <br /> United States of America, bearing interest payable at such times <br /> and at such rates and maturing on such dates and in such amounts <br /> as shall be required and sufficient, subject to sale and/or <br /> reinvestment in like securities, to pay said obligation(s) , which <br /> may include any interest payment on such Bond and/or principal <br /> amount due thereon at a stated maturity (or if irrevocable <br /> provision shall have been made for permitted prior redemption of <br /> such principal amount, at such earlier redemption date) . <br /> 27. Compliance With Reimbursement Bond Regulations. <br /> With respect to the Golf Course, the City has complied and will <br /> continue to comply with the "Reimbursement Regulations" provided <br /> in United States Treasury Regulations Section 1. 103-18, and any <br /> successor regulations as may be applicable, including Section <br /> 1. 150-2. In particular, except where the following may not be <br /> required by said Regulations (e.g. , with--respect to certain <br /> "preliminary expenditures") , to the extent that any of the <br /> proceeds of the Bonds will be used to reimburse the City for a <br /> cost of the Golf Course theretofore paid and temporarily financed <br /> by the City out of other City funds, prior to the initial payment <br /> thereof (or within applicable time limits thereafter) the City <br /> has made or will have made a duly qualifying statement of its <br /> official intent to bond for such costs; otherwise, the proceeds <br /> of the Bonds are to be used for initial payment, and not for such <br /> reimbursement, of costs of the Improvements. <br /> 244882 <br /> 29 <br />