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• 6.06. 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 1997 it does not reasonably expect to issue <br /> tax-exempt obligations which are not private activity bonds (not treating qualified <br /> 501(c)(3) bonds under Section 145 of the Code as private activity bonds for purposes <br /> of this representation) in an amount in excess of $10,000,000. <br /> 6.07. Official Statement. The Official Statement relating to the Bonds, <br /> dated February 25, 1997, prepared and distributed on behalf of the City by Springsted <br /> Incorporated, is hereby approved. Springsted Incorporated, is hereby authorized of <br /> behalf of the City to prepare and distribute to the Purchaser a supplement to the <br /> Official Statement listing the offering price, the interest rates, other information <br /> relating to the Bonds required to be included in the Official Statement by Rule 15c2- <br /> 12 adopted by the Securities and Exchange Commission under the Securities <br /> 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 <br /> supplement. The officers of the City are hereby authorized and directed to execute <br /> such certificates as may be appropriate concerning the accuracy, completeness and <br /> sufficiency of the Official Statement. The officers of the City are hereby authorized <br /> and directed to execute such certificates as may be appropriate concerning the <br /> accuracy, completeness and sufficiency of the Official Statement. <br /> Section 7. Continuing Disclosure. The Securities and Exchange <br /> Commission has promulgated certain amendments to Rule 15c2-12 under the <br /> Securities Exchange Act of 1934 (17 C.F.R. § 240.15c2-12) (the "Rule") that make it <br /> unlawful for an underwriter to participate in the primary offering of municipal <br /> securities in a principal amount of $1,000,000 or more unless, before submitting a bid <br /> or entering into a purchase contract for the bonds, it has reasonably determined that <br /> the issuer or an obligated person has undertaken in writing for the benefit of the <br /> bondholders to provide certain disclosure information to prescribed information <br /> repositories on a continuing basis or unless and to the extent the offering is exempt <br /> from the requirements of the Rule. <br /> The principal amount of the Bonds is less than $1,000,000. The City <br /> hereby represents that it has not issued within the six months before the date of <br /> issuance of the Bonds, and that it reasonably expects that it will not issue within six <br /> months after the date of issuance of the Bonds, other securities of the City of <br /> substantially the same security and providing financing for the same general <br /> purpose or purposes as the Bonds. Consequently, this Council hereby finds that the <br /> Rule is inapplicable to the Bonds, because the aggregate principal amount of the <br /> Bonds and any other securities required to be integrated with the Bonds thereunder <br /> is less than $1,000,000. Therefore, the City will not enter into any undertaking to <br /> provide continuing disclosure of any kind with respect to the Bonds. <br /> • -20- <br />