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the Bonds (other than amounts constituting a "bona fide debt service fund") arise <br /> during or after the expenditure of the original proceeds thereof. In furtherance of <br /> the foregoing, the Finance Director is hereby authorized and directed to execute a <br /> Rebate Certificate, in the form prescribed by Bond Counsel, and the City hereby <br /> covenants and agrees to observe and perform the covenants and agreements <br /> contained therein, unless amended or terminated in accordance with the provisions <br /> thereof. <br /> 6.05. 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 the City and all subordinate entities do not <br /> reasonably expect to issue tax-exempt obligations which are not private activity <br /> bonds (not treating qualified 501(c)(3) bonds under Section 145 of the Code as private <br /> activity bonds for purposes of this representation) in an amount in excess of <br /> $10,000,000. <br /> 6.06. Official Statement. The Official Statement relating to the Bonds, <br /> dated November 30, 1993, prepared and distributed on behalf of the City by <br /> Springsted Incorporated, is hereby approved. Springsted Incorporated, is hereby <br /> authorized of behalf of the City to prepare and distribute to the Purchaser a <br /> supplement to the Official Statement listing the offering price, the interest rates, <br /> other information relating to the Bonds required to be included in the Official <br /> • Statement by Rule 15c2-12 adopted by the Securities and Exchange Commission <br /> under the Securities Exchange Act of 1934. Within seven business days from the <br /> date hereof, the City shall deliver to the Purchaser 15 copies of the Official Statement <br /> and such supplement. The officers of the City are hereby authorized and directed to <br /> execute such certificates as may be appropriate concerning the accuracy, <br /> completeness and sufficiency of the Official Statement. <br /> Section 7. Redemption of Refunded Bonds. The City calls for <br /> redemption on February 1, 1994 all of the Refunded Bonds. The City Finance <br /> Director is authorized to take all steps necessary to redeem the Refunded Bonds on <br /> such date. <br /> Section 8. Severability. If any section, paragraph or provision of this <br /> resolution shall be held to be invalid or unenforceable for any reason, the invalidity <br /> or unenforceability of such section, paragraph or provision shall not affect any of the <br /> remaining provisions of this resolution. <br /> Section 9. Headings. Headings in this resolution are included for <br /> convenience of reference only and are not a part hereof, and shall not limit or <br /> define the meaning of any provision hereof. <br /> -14- <br />