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't 148(f)(4)(D) of the Code. For purposes of the foregoing, the City is treating the City's Bonds as a loan made by the City of Blaine to the City within the meaning of Section 148(f)(4)(D)- (ii)(II) of the Code. 4. Designation of Qualified Tax-Exempt Obligations. In order to qualify the Bonds as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Code, the City hereby makes the following factual statements and representations: (a) the City's Bonds are issued after August 7, 1986; (b) the City's Bonds are not "private activity bonds" as defined in Section 141 of the Code; (c) the City hereby designates the City's Bonds as "qualified tax-exempt obligations" for purposes of Section 265(b) (3) of the Code; (d) the sum of the $1,012,375 of the City's Bonds plus the reasonably anticipated amount of all other tax-exempt obligations (other than private activity bonds, treating qualified 501(c)(3) bonds as not being private activity bonds) which will be issued by the City (and all entities subordinate to, or treated as one issuer with, the City) • during calendar year 1991 will not exceed $10,000,000; (e) the sum of the $1,012,375 of the City's Bonds plus the aggregate principal amount of all other obligations issued or to be issued by the City during calendar year 1991 which have been designated or which are anticipated to be eligible for designation for purposes of Section 265(b)(3) of the Code does not and is not reasonably expected to exceed $10,000,000; and (f) pursuant to Section 265(b)(3)(C)(iii) of the Code, the City states that it is receiving the benefits from the issuance of the $1,012,375 of the City's. Bonds and the City hereby irrevocably agrees with the City of Blaine to the allocation of said amount to the City for purposes of Section 265(b)(3) of the Code and further agrees and finds that said allocation bears a reasonable relationship to the respective benefits received. 5. Tax Levies. To provide moneys for payment of the principal of and interest on the City's Bonds, and for the benefit of the owners from time to time of the City's Bonds and for the benefit of the City of Blaine in respect of its payment • 15717 4