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12831294v1 <br /> <br /> 19 <br /> <br />invested at a yield greater than the yield on the Bonds, and (iii) the rebate of excess investment <br />earnings to the United States. The City expects to satisfy the 18-month expenditure exemption <br />for gross proceeds of the Bonds as provided in Section 1.148-7(d) of the Regulations. The <br />Mayor and/or the Administrator are hereby authorized and directed to make such elections as to <br />arbitrage and rebate matters relating to the Bonds as they deem necessary, appropriate or <br />desirable in connection with the Bonds, and all such elections shall be, and shall be deemed and <br />treated as, elections of the City. <br />25. Designation of Qualified 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 representation: <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 2020 will <br />not exceed $10,000,000; <br />(e) not more than $10,000,000 of obligations issued by the City during this calendar <br />year 2020 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 $10,000,000. <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 />26. 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 />27. 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 />The motion for the adoption of the foregoing resolution was duly seconded by member <br />Klein and, after a full discussion thereof and upon a vote being taken thereon, the following <br />voted in favor thereof: Haas, Klein, Miron, Petryk, Weidt <br />and the following voted against the same: None <br />Whereupon the resolution was declared duly passed and adopted.