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sa � <br />(a) the Certificates are issued after August 7, <br />1986; <br />(b) the Certificates are not "private activity <br />bonds" as defined in Section 141 of the Code; <br />(c) the City hereby designates the <br />Certificates as "qualified tax-exempt <br />obligations" for purposes of Section 265(b)(3) of <br />the Code; <br />(d) the reasonably anticipated amount of <br />tax-exempt obligations (other than private <br />activity bonds, treating qualified 501(c)(3) <br />bonds as not being private activity bonds) which <br />will be issued by the City (and all entities <br />subordinate to, or treated as one issuer with, <br />the City) during this calendar year 1988 will not <br />,exceed $10,000,000; and <br />(e) not more than $10,000,000 of. <br />obligations issued by the City during this <br />calendar year 1988 have been designated for <br />purposes of Section 265(b)(3) of the Code. <br />The City shall use its best efforts to comply with any federal <br />procedural requirements which may apply in order to effectuate <br />the designation made by this paragraph. <br />23. 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 <br />unenforceability of such section, paragraph or provision shall <br />not affect any of the remaining provisions of this Resolution. <br />