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in the Loan Agreement, regardless of whether the Bonds are issued or the Project proceeds to completion. It. Headings; Terms. Paragraph headings in this Resolution are for convenience of reference only and are not a part hereof, and shall not limit or define the meaning of any provision hereof. Capitalized terms used but not defined herein shall have the meanings given them in the Indenture and Loan Agreement. 12. Qualified Tax Exempt Obligation. In order to qualify the Bonds as "qualified tax- exempt obligations" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the "Code"), the City hereby designates the Bonds as qualified tax-exempt obligations for purposes of Section 265(b)(3) of the Code and in connection therewith makes the following factual findings; (a) the Bonds will be issued after August 7, 1986; (b) the Bonds are not treated as "private activity bonds' under Section 265(b)(3) of the Code; (c) the reasonably anticipated amount of tax-exempt obligations (other than obligations described in clause (ii) of Section 265(b)(3)(C) of the Code) which will be issued by the City (and all entities whose obligations will be aggregated with those of the City) during the calendar year 2013 will not exceed $10,000,000; and (d) not more than $10,000,000 of obligations issued by the City during the calendaryear 2013 have been designated for purposes of Section 265(b)(3) of the Code. Adopted this 8th day of July, 2013. Joe Flaherty, Mayor FWAN RIN James Ericson, City Administrator (seal)