Laserfiche WebLink
b. the Bonds are not !'private activity bonds" as <br />defined in Section 141 of the Code; <br />C. the City hereby designates the Bonds as "qualified <br />tax-exempt obligations" for purposes of Section 265(b)(3) of <br />the Code; <br />d. the reasonably anticipated amount of tax-exempt <br />obligations (other than private activity bonds, treating <br />qualified 501(c)(3) bonds as not being private activity <br />bonds) which will be issued by the City (and all entities <br />treated as one issuer with the City, and all subordinate <br />entities whose obligations are treated as issued by the <br />City) during this calendar year 1998 will not exceed <br />$10,000,000; and <br />e. not more than $10,000,000 <br />the City during this calendar year <br />for purposes of Section 265 (b) (3) <br />The City shall use its best efforts to <br />procedural requirements which may apply <br />the designation made by this paragraph. <br />of obligations issued by <br />1998 have been designated <br />of the Code. <br />comply with any federal <br />in order to effectuate <br />28. Payment of Issuance Expenses. The City authorizes <br />the Purchaser to forward the amount of Bond proceeds allocable to <br />the payment of issuance expenses to Resource Bank & Trust <br />Company, Minneapolis, Minnesota on the closing date for further <br />distribution as directed by the city's financial advisor, Ehlers. <br />29. Severability. If any section, paragraph or <br />provision of this resolution shall be held to be invalid or <br />unenforceable for any reason, the invalidity or unenforceability <br />of such section, paragraph or provision shall not affect any of <br />the remaining provisions of this resolution. <br />30. Headings. Headings in this resolution are <br />included for convenience of reference only and are not a part <br />hereof, and shall not limit or define the meaning of any <br />provision hereof. <br />931992.1 25 <br />