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• 5 . 02. Certification of Proceedings . The officers of <br /> the City and the County Auditors of Hennepin and Ramsey <br /> Counties are hereby authorized and directed to prepare and <br /> furnish to the purchaser of the Certificates and to Dorsey & <br /> Whitney, Bond Counsel , certified copies of all proceedings and <br /> records of the City, and such other affidavits , certificates <br /> and information as may be.- required to show the facts relating <br /> to the legality and marketability of the Certificates as the <br /> same appear from the books and records under their custody and <br /> control or as otherwise known to them, and all such certified <br /> copies, certificates and affidavits, including any heretofore <br /> furnished, shall be deemed representations of the City as to <br /> the facts recited therein. <br /> 5 . 03 . Covenant . The City covenants and agrees with <br /> the holders from time to time of the Certificates that it will <br /> not take or permit to be taken by any of its officers, <br /> employees or agents any action which would cause the interest <br /> on the Certificates to become subject to taxation under the <br /> Internal Revenue Code of 1954, as amended (the Code) , and the <br /> Treasury Regulations promulgated thereunder (the Regulations) , <br /> and covenants to take any and all actions within its powers to <br /> ensure that the interest on the Certificates will not become <br /> subject to taxation under the Code and the Regulations . <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 Certificates 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 Internal Revenue Code of 1986 , <br /> and Sections 1 . 103-13 , 1 . 103-14 and 1 . 103-15 of the <br /> Regulations, stating the facts, estimates and circumstances in <br /> existence on the date of issue and delivery of the Certificates <br /> which make it reasonable to expect that the proceeds of the <br /> Certificates will not be used in a manner that would cause the <br /> Certificates to be arbitrage bonds within the meaning of the <br /> Code and Regulations . <br /> Section 6. Qualified Tax-Exempt Obligations . The <br /> Certificates will be issued in 1987 . The Council hereby <br /> determines and declares that the City does not reasonably <br /> anticipate to issue in calendar year 1987 tax-exempt <br /> obligations in an aggregate principal amount greater than <br /> $10, 000,000 (exclusive of private activity bonds as defined in <br /> -12- <br />