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to obtain from each County Auditor a certificate that the Bonds have been entered on his bond <br /> register and the taxes described in Section 4.05 hereof have been levied as required by law. <br /> 6.02. 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 to the City, certified <br /> copies of all proceedings and records of the City, and such other affidavits, certificates and <br /> information as may be required to show the facts relating to the legality and marketability of the <br /> Bonds as the same appear from the books and records under their custody and control or as <br /> otherwise known to them, and all such certified copies, certificates and affidavits, including any <br /> heretofore furnished, shall be deemed representations of the City as to the facts recited therein. <br /> 6.03. 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 are public improvements available for use by members of the <br /> general public on a substantially equal basis. The City will not enter into any lease, use <br /> agreement or other contract respecting the Improvements which would cause the Bonds to be <br /> considered "private activity bonds" or"private loan bonds"pursuant to Section 141 of the Code. <br /> 6.04. Arbitrage Rebate. For purposes of complying with the requirements of <br /> Section 148(f)(4)(C) of the Code relating to the exemption of certain small governmental units <br /> from the rebate requirements of the Code, the City represents that: <br /> (i) the City is a governmental unit with general taxing powers; <br /> (ii) the Bonds are not "private activity bonds" as defined in Section 141 of the <br /> Code (Private Activity Bonds); <br /> (iii) ninety-five percent of the net proceeds of the Bonds are to be used for the <br /> local governmental purposes of the City; and <br /> (iv) the aggregate face amount of all tax-exempt bonds (other than Private <br /> Activity Bonds) issued by the City in calendar year in which the Bonds are <br /> to be issued is not reasonably expected to exceed $5,000,000. <br /> Therefore, pursuant to the provisions of Section 148(f)(4)(C) of the Code, the City <br /> shall not be required to comply with the arbitrage rebate requirements of paragraphs (2) and (3) <br /> of Section 148(f) of the Code. <br /> -15- <br />