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6.06. Interest Disallowance. The City hereby designates the Bonds as <br /> "qualified tax-exempt obligations" for purpose of Section 265(b) of the Code relating <br /> to the disallowance of interest expenses for financial institutions. The City <br /> represents.that in calendar year 1994 it does not reasonably expect to issue <br /> tax-exempt obligations which are not private activity bonds (not treating qualified <br /> 501(c)(3) bonds under Section 145 of the Code as private activity bonds for purposes <br /> of this representation) in an amount in excess of $10,000,000. <br /> 6.07. Official Statement. The Official Statement relating to the Bonds, <br /> dated May 10, 1994, prepared and distributed on behalf of the City by Springsted <br /> Incorporated, is hereby approved. Springsted Incorporated, is hereby authorized of <br /> behalf of the City to prepare and distribute to the Purchaser a supplement to the <br /> Official Statement listing the offering price, the interest rates, other information <br /> relating to the Bonds required to be included in the Official Statement by Rule 15c2- <br /> 12 adopted by the Securities and Exchange Commission under the Securities <br /> Exchange Act of 1934. Within seven business days from the date hereof, the City <br /> shall deliver to the Purchaser 20 copies of the Official Statement and such <br /> supplement. The officers of the City are hereby authorized and directed to execute <br /> such certificates as may be appropriate concerning the accuracy, completeness and <br /> sufficiency of the Official Statement. The officers of the City are hereby authorized <br /> and directed to execute such certificates as may be appropriate concerning the <br /> accuracy, completeness and sufficiency of the Official Statement. <br /> Mayor <br /> Attest: <br /> i <br /> City Clerk <br /> -17- <br />