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At is. not.-expected that.-:the .proceeds of the Bonds will be used <br /> in .a.:manner that would cause the Bonds to be .arbitrage bonds <br /> within the meaning of the . Code and regulations. <br /> Section 8. . Qualified Tax-Exempt Obligations. In <br /> order to enhance the marketability of the Bonds,. and since the <br /> Bonds meet all- applicable requirements, the Bonds are hereby <br /> designated by the City as "Qualified Tax-Exempt Obligations'.' <br /> for the purposes of Section 265 of the Internal Revenue Code of . <br /> 1986 relating to the deduction permitted financial institutions.. <br /> for. interest expenses allocable to the Bonds. <br /> Adopted: May 26, 1987 <br /> Mayor <br /> Attest: <br /> City Clerk <br /> The motion for the adoption of the foregoing <br /> resolution was duly seconded by Councilmember <br /> and upon vote being taken thereon, - the following voted in favor <br /> thereof: <br /> and the following voted against the same: <br /> whereupon said resolution was declared duly passed and adopted. <br /> • <br /> -22- <br />