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6.05. Investment of Money on Deposit in the Bond Fund. The Finance Director <br /> • shall ascertain monthly the amount on deposit in the Bond Fund. If the amount on deposit <br /> therein ever exceeds the aggregate amount of principal and interest due and payable from the <br /> Bond Fund through the next following February 1 plus a reasonable carryover as permitted by <br /> the Regulations, such excess shall be used to prepay and redeem Bonds or be invested at a yield <br /> less than or equal to the yield on the Bonds, based upon their amounts, maturities and interest <br /> rates on their date of issue, computed by the actuarial method. The City reserves the right to <br /> amend the provisions of this Section at any time, whether prior to or after the delivery of the <br /> Bonds, if and to the extent that this Council determines that the provisions of this Section are not <br /> necessary in order to ensure that the Bonds are not"arbitrage bonds" within the meaning of <br /> Section 148 of the Code and Regulations. <br /> 6.06. Arbitrage Certification. The Mayor and the City Manager, being the <br /> officers of the City charged with the responsibility for issuing the Bonds pursuant to this <br /> resolution, are authorized and directed to execute and deliver to the Purchaser a certification in <br /> accordance with the provisions of Section 148 of the Code, and the Regulations, stating the facts, <br /> estimates and circumstances in existence on the date of issue and delivery of the Bonds which <br /> make it reasonable to expect that the proceeds of the Bonds will not be used in a manner that <br /> would cause the Bonds to be arbitrage bonds within the meaning of the Code and Regulations. <br /> 6.07. 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 2004 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 /> 6.08. Official Statement. The Official Statement relating to the Bonds, dated <br /> April 30, 2004, prepared and distributed on behalf of the City by Ehlers & Associates, Inc., is <br /> hereby approved. Ehlers &Associates, Inc., is hereby authorized of behalf of the City to prepare <br /> and distribute to the Purchaser a supplement to the Official Statement listing the offering price, <br /> the interest rates, 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 under the <br /> Securities Exchange Act of 1934. Within seven business days from the date hereof, the City <br /> shall deliver to the Purchaser 30 copies of the Official Statement and such supplement. The <br /> officers of the City are hereby authorized and directed to execute such certificates as may be <br /> appropriate concerning the accuracy, completeness and sufficiency of the Official Statement. <br /> The officers of the City are hereby authorized and directed to execute such certificates as may be <br /> appropriate concerning the accuracy, completeness and sufficiency of the Official Statement. <br /> Section 7. Continuing Disclosure <br /> (a) Purpose and Beneficiaries. To provide for the public availability of certain <br /> information relating to the Bonds and the security therefor and to permit the original purchaser <br /> • and other participating underwriters in the primary offering of the Bonds to comply with <br /> -16- <br />