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(c) ninety-five percent or more of the net proceeds of the Bonds are to be used for <br />local governmental activities of the City (or of a governmental unit the jurisdiction of which is <br />entirely within the jurisdiction of the City); and <br />(d) the aggregate face amount of all tax exempt bonds (other than private activity <br />bonds) issued by the City (and all subordinate entities thereof, and all entities treated as one <br />issuer with the City) during the calendar year in which the Bonds are issued and outstanding at <br />one time is not reasonably expected to exceed $5,000,000, all within the meaning of Section <br />148(f)(4)(D) of the Code. <br />26. Designation of Oualified Tax -Exempt Obligations. In order to qualify the Bonds <br />as "qualified tax exempt obligations" within the meaning of Section 265(b)(3) of the Code, the <br />City hereby makes the following factual statements and representations: <br />(a) the Bonds are issued after August 7, 1986; <br />(b) the Bonds are not "private activity bonds" as defined in Section 141 of the Code; <br />(c) the City hereby designates the Bonds as "qualified tax exempt obligations" for <br />purposes of Section 265(b)(3) of the Code; <br />(d) the reasonably anticipated amount of tax exempt obligations (other than private <br />activity bonds, treating qualified 501(c)(3) bonds as not being private activity bonds) which will <br />be issued by the City (and all entities treated as one issuer with the City, and all subordinate <br />entities whose obligations are treated as issued by the City) during this calendar year 2009 will <br />not exceed $30,000,000; <br />(e) not more than $30,000,000 of obligations issued by the City during this calendar <br />year 2009 have been designated for purposes of Section 265(b)(3) of the Code; and <br />(f) the aggregate face amount of the Bonds does not exceed $30,000,000. <br />The City shall use its best efforts to comply with any federal procedural requirements <br />which may apply in order to effectuate the designation made by this paragraph. <br />27. Severability. If any section, paragraph or provision of this resolution shall be held <br />to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, <br />paragraph or provision shall not affect any of the remaining provisions of this resolution. <br />28. Headings. Headings in this resolution are included for convenience of reference <br />only and are not a part hereof, and shall not limit or define the meaning of any provision hereof. <br />23%nlvl 19 <br />