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29. Desipation of Qualified Tax -Exempt Obli atg ions. In order to qualify the <br />Bonds as "qualified tax-exempt obligations" within the meaning of Section 265(bx3) of the <br />Code, the 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 <br />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 <br />private activity bonds, treating qualified 501(cx3) bonds as not being private activity <br />bonds) which will be issued by the City (and all entities treated as one issuer with the <br />City, and all subordinate entities whose obligations are treated as issued by the City) <br />during this calendar year 2000 will not exceed $10,000,000; and <br />e. not more than $10,000,000 of obligations issued by the City during this <br />calendar year 2000 have been designated for purposes of Section 265(bx3) of the Code. <br />The City shall use its best efforts to comply with any federal procedural requirements which may <br />apply in order to effectuate the designation made by this paragraph. <br />30. Payment of Issuance Expenses. The City authorizes the Purchaser to <br />forward the amount of Bond proceeds allocable to the payment of issuance expenses to Resource <br />Bank & Trust Company, Minneapolis, Minnesota on the closing date for further distribution as. <br />directed by the city's financial advisor, Ehlers. <br />.31. . Severabilityff any section, paragraph or provision of this resolution shall <br />be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such <br />section, paragraph or provision shall not affect any of the remaining provisions of this resolution: <br />32. Readings. Headings in this i+esolution are included -for convenience, of <br />reference only and are not a part hereof, and shall not limit or define the meaning of any <br />provision hereof. <br />1222136.1 23 <br />