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of either of the City Officials, any instrument authorized by this paragraph to be executed and delivered <br />may be executed by the officer of the City or the City officer authorized to act in his/her place and stead. <br />17. Governmental Pro rg am. The City has established a governmental program of acquiring <br />purpose investments for qualified residential rental projects. The governmental program is one in which <br />the following requirements of § 1.148-1(b) of the federal regulations relating to tax-exempt obligations shall <br />be met: <br />(a) the program involves the origination or acquisition of purpose investments; <br />(b) at least 95% of the cost of the purpose investments acquired under the program <br />represents one or more loans to a substantial number of persons representing the general public, <br />states or political subdivisions, 501(c)(3) organizations, persons who provide housing and related <br />facilities, or any combination of the foregoing; <br />(c) at least 95% of the receipts from the purpose investments are used to pay principal, <br />interest, or redemption prices on issues that financed the program, to pay or reimburse <br />administrative costs of those issues or of the program, to pay or reimburse anticipated future losses <br />directly related to the program, to finance additional purpose investments for the same general <br />purposes of the program, or to redeem and retire governmental obligations at the next earliest <br />possible date of redemption; <br />(d) the program documents prohibit any obligor on a purpose investment financed by <br />the program or any related party to that obligor from purchasing Obligations of an issue that <br />finances the program in an amount related to the amount of the purpose investment acquired from <br />that obligor; and <br />(e) the City shall not waive the right to treat the investment as a program investment. <br />18. Effective Date. This Resolution shall be in full force and effect from and after its approval. <br />June 8, 2026 ' <br />Date Mayor <br />ATTEST: A'�' <br />/Ci;eXc6inistrator <br />The motion/ for the adoption of the foregoing resolution was duly seconded by member <br />�YYC. L�Y <br />8 <br />4933-6580-5482.2 <br />