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issue and delivery of the Note which make it reasonable to <br /> expect that the proceeds of the Note will not be used in a <br /> manner that would cause the Note to be arbitrage bond within <br /> the meaning of the Code and Regulations . <br /> Section 5 . 05. Qualified Tax-Exempt Obligations . The <br /> Board hereby determines and declares that the HRA (including <br /> any "subordinate entity" within the meaning of Section <br /> 265(b) (3) (E) of the Code) does not reasonably anticipate to <br /> issue in calendar year 1989 tax-exempt obligations in an <br /> aggregate principal amount greater than $10, 000, 000 (exclusive <br /> of Private Activity Bonds , but including qualified 501(c) (3) <br /> bonds as defined in Section 145 of the Code) . The Board hereby <br /> specifically designates the Note as "qualified tax-exempt <br /> obligations" within the meaning of Section 265 of the Code. In <br /> any event the Board will not designate more than $10,000, 000 of <br /> its obligations issued in calendar year 1989 as such "qualified <br /> tax-exempt obligations . " <br /> Section 5 . 06 . Maturity of Note . This Board estimates <br /> that the Tax Increment will be sufficient to pay when due the <br /> principal of and interest on the Note. <br /> Chairman <br /> Attest : <br /> Acting Executive Director <br /> • <br /> -10- <br />