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a certificate that the Bonds have been entered on his bond register and that the tax required for <br /> • the payment thereof has been levied and filed as required by law. <br /> 7.02. Certification of Proceedings. The officers of the City and the County <br /> Auditors of Hennepin and Ramsey Counties are hereby authorized and directed to prepare and <br /> furnish to the Purchaser, and to Dorsey& Whitney LLP, Bond Counsel, certified copies of all <br /> proceedings and records of the City, and such other affidavits, certificates and information as <br /> may be required to show the facts relating to the legality and marketability of the Bonds as the <br /> same appear from the books and records under their custody and control or as otherwise known <br /> to them, and all such certified copies, certificates and affidavits, including any heretofore <br /> furnished, shall be deemed representations of the City as to the facts recited therein. <br /> 7.03. Covenant. The City covenants and agrees with the holders from time to <br /> time of the Bonds that it will not take or permit to be taken by any of its officers, employees or <br /> agents any action which would cause the interest on the Bonds to become subject to taxation <br /> under the Internal Revenue Code of 1986, as amended (the "Code"), and Regulations <br /> promulgated thereunder(the "Regulations"), as such are enacted or promulgated and in effect on <br /> the date of issue of the Bonds, and covenants to take any and all actions within its powers to <br /> ensure that the interest on the Bonds will not become subject to taxation under such Code and <br /> Regulations. The Improvements financed with the Refunded Bonds and any other improvements <br /> financed pursuant to Section 5.01 will be owned and maintained by the City and available for use <br /> by members of the general public on a substantially equal basis. The City shall not enter into <br /> any lease, use or other agreement with any non-governmental person relating to the use of such <br /> • improvements or security for the payment of the Bonds which might cause the Bonds to be <br /> considered "private activity bonds" or"private loan bonds" within the meaning of Section 141 of <br /> the Code. <br /> 7.04. Arbitrage Rebate. The City shall take actions as are required to comply <br /> with the arbitrage rebate requirements of paragraphs (2) and(3) of Section 148(f) of the Code. <br /> 7.05. Arbitrage Certification. The Mayor and City Manager, being the officers of <br /> the City charged with the responsibility for issuing the Bonds pursuant to this resolution, are <br /> authorized and directed to execute and deliver to the Purchaser a certificate in accordance with <br /> the provisions of Section 148 of the Code,and Section 1.148-2(b)(2) of the Regulations, stating <br /> the facts and estimates in existence on the date of issue and delivery of the Bonds which make it <br /> reasonable to expect that the proceeds of the Bonds will not be used in a manner that would <br /> cause the Bonds to be arbitrage bonds within the meaning of said Code and Regulations. <br /> 7.06. Interest Disallowance. The City hereby designates the Bonds as "qualified <br /> tax—exempt obligations" for purpose of Section 265(b) of the Code relating to the disallowance <br /> of interest expenses for financial institutions. The City represents that in calendar year 2003 it <br /> does not reasonably expect to issue tax—exempt obligations which are not private activity bonds <br /> (not treating qualified 501(c)(3) bonds under Section 145 of the Code as private activity bonds <br /> for purposes of this representation) in an amount in excess of$10,000,000. <br /> • -14- <br />