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. . (together with other obligations reasonably expected to be issued in calendar year 2003) exceed the small-issuer exception amount of $5,000,000.] (b) For purposes of qualifying for the small issuer exception to the federal arbitrage rebate requirements, the City finds, determines and declares that the aggregate face amount of all tax-exempt bonds (other than private activity bonds) issued by the City (and all subordinate entities of the City) during the calendar year in which the Certificates are issued and outstanding at one time is not reasonably expected to exceed $5,000,000, all within the meaning of Section 148(f)(4)(C) of the Code. 6.03. The City further covenants not to use the proceeds of the Certificates or to cause or permit them or any of them to be used, in such a manner as to cause the Certificates to be "private activity bonds" within the meaning of Sections 103 and 141 through 150 of the Code. 6.04. In order to qualify the Certificates as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Code, the City makes the following factual statements and representations: (a) the Certificates are not "private activity bonds" as defined in Section 141 of the Code; (b) the City designates the Certificates as "qualified tax-exempt obligations" for purposes of Section 265(b )(3) ofthe Code; (c) the reasonably anticipated amount of tax-exempt obligations (other than private activity bonds that are not qualified 501(c)(3) bonds) which will be issued by the City (and all subordinate entities of the City) during calendar year 2003 will not exceed $10,000,000; and (d) not more than $10,000,000 of obligations issued by the City during calendar year 2003 have been designated for purposes of Section 265(b)(3) of the Code. 6.05. The City will use its best efforts to comply with any federal procedural requirements which may apply in order to effectuate the designations made by this section. Section 7. Book-Entrv System; Limited Obligation of City. 7.01. The Certificates will be initially issued in the form ofa separate single typewritten or printed fully registered Bond for each ofthe maturities set forth in Section 1.03 hereof. Upon initial issuance, the ownership of each Bond will be registered in the registration books kept by the Bond Registrar in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York, and its successors and assigns (DTC). Except as provided in this section, all of the outstanding Certificates will be registered in the registration books kept by the Bond Registrar in the name of Cede & Co., as nominee ofDTC. SJB-238958vl NE136-188