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( ii) the Bonds are not "private activity bonds" as <br /> defined in Section 141 of the Code (Private <br /> Activity Bonds) ; <br /> ( iii ) ninety-five percent of the net proceeds of the <br /> Bonds are to be used for the local governmental <br /> purposes of the City; and <br /> ( iv) the aggregate face amount of all tax-exempt bonds <br /> (other than Private Activity Bonds) issued by the <br /> City in calendar year in which the Bonds are to be <br /> issued is not reasonably expected to exceed <br /> $5 , 000 , 000 . <br /> 5 . 04 . Arbitrage Certification. The Mayor and City <br /> Manager, being the officers of the City charged with the <br /> responsibility for issuing the Bonds pursuant to this <br /> resolution, are authorized and directed to execute and deliver <br /> to the purchaser thereof a certificate in accordance with the <br /> provisions of Section 148 of the Code, and Sections 1 . 103-13 , <br /> 1 . 103-14 and 1 . 103-15 of the Regulations , stating the facts , <br /> estimates and circumstances in existence on the date of issue <br /> and delivery of the Bonds which make it reasonable to expect <br /> that the proceeds of the Bonds will not be used in a manner <br /> that would cause the Bonds to be arbitrage bonds within the <br /> meaning of the Code and Regulations . <br /> 5 . 05 . Interest Disallowance . The City hereby <br /> designates the Bonds as "qualified tax-exempt obligations" for <br /> purpose of Section 265(b) of the Code relating to the <br /> disallowance of interest expenses for financial institutions . <br /> The City represents that in calendar year 1988 it does not <br /> reasonably expect to issue tax-exempt obligations which are not <br /> private activity bonds (not treating qualified 501(c) (3) bonds <br /> under Section 145 of the Code as private activity bonds for <br /> purposes of this representation) in an amount in excess of <br /> $10 , 000, 000 . <br /> Mayor <br /> Attest : <br /> City Clerk <br /> -15- <br />