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t , <br /> • that the proceeds of the Bonds will not be used in a manner that would cause the <br /> Bonds to be arbitrage bonds within the meaning of said Code and Regulations. <br /> It is hereby determined that the City will qualify for the exception from <br /> arbitrage rebate for the Bonds provided by Section 148(f)(4)(D) of the Code since: <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 <br /> 141 of the Code (Private Activity Bonds); <br /> (iii) ninety-five percent of the net proceeds of the Bonds are to be <br /> used for the local governmental purposes of the City; and <br /> (iv) the aggregate face amount of all tax-exempt bonds (other than <br /> Private Activity Bonds) issued by the City in 1995 in which the <br /> Bonds are to be issued is not reasonably expected to exceed <br /> $5,000,000. <br /> Therefore, pursuant to the provisions of Section 148(f)(4)(D) of the Code, the City <br /> shall not be required to comply with the arbitrage rebate requirements of paragraphs <br /> (2) and (3) of Section 148(f) of the Code. <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 1995 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 13, 1995 (the "Official Statement"), prepared and distributed on <br /> behalf of the City by Springsted Incorporated, is hereby approved. Springsted <br /> Incorporated is hereby authorized of behalf of the City to prepare and distribute to <br /> the Purchaser a supplement to the Official Statement listing the offering price, the <br /> interest rates, other information relating to the Bonds required to be included in the <br /> Official Statement by Rule 15c2-12 adopted by the Securities and Exchange <br /> Commission under the Securities Exchange Act of 1934. Within seven business <br /> days from the date hereof, the City shall deliver to the Purchaser 100 copies of the <br /> Official Statement and such supplement. The officers of the City are hereby <br /> authorized and directed to execute such certificates as may be appropriate concerning <br /> the accuracy, completeness and sufficiency of the Official Statement. <br /> -17- <br />