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the jurisdiction of which is entirely within the jurisdiction of <br /> the City) , and (4) the aggregate face amount of all tax-exempt <br /> obligations (other than private activity bonds) issued by the <br /> City (and all entities subordinate to, or treated as one issuer <br /> with, the City) during the 1991 calendar year is not reasonably <br /> expected to exceed $5, 000, 000, all within the meaning of Section <br /> 148 (f) (4) (C) of the Code. <br /> 22 . Designation of Qualified 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 "qualified <br /> tax-exempt obligations" for purposes of Section 265 (b) (3) of <br /> the Code; <br /> (d) the reasonably anticipated amount of tax-exempt <br /> obligations (other than private activity bonds, treating <br /> 411 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 1991 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 1991 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 /> 23 . Severability. 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 /> of such section, paragraph or provision shall not affect any of <br /> the remaining provisions of this Resolution. <br /> 24. Defeasance. When all Bonds have been discharged <br /> as provided in this paragraph, all pledges, covenants and other <br /> rights granted by this Resolution to the registered owners of the <br /> Bonds shall, to the extent permitted by law, cease. The City may <br /> discharge its obligations with respect to any Bonds which are due <br /> on any date by irrevocably depositing with the Bond Registrar on <br /> or before that date a sum sufficient for the payment thereof in <br /> full; or if any Bond should not be paid when due, it may <br /> 16244 <br /> 19 <br />