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<br />(b) For purposes of qualifying for the small issuer exception to the federal <br />arbitrage rebate requirements, the City finds, determines and declares that the <br />aggregate face amount of all tax-exempt bonds (other than private activity bonds) <br />issued by the City (and all subordinate entities of the City) during the calendar year <br />in which the Bonds are issued and outstanding at one time is not reasonably expected <br />to exceed $5,000,000, all within the meaning of Section 148(f)(4)(C) of the Code. <br /> <br />6.03. The City further covenants not to use the proceeds of the Bonds or to <br />cause or permit them or any of them to be used, in such a manner as to cause the <br />Bonds to be "private activity bonds" within the meaning of Sections 103 and 141 <br />through 150 of the Code. <br /> <br />6.04. In order to qualify the Bonds as "qualified tax-exempt obligations" <br />within the meaning of Section 265(b) (3) of the Code, the City makes the following <br />factual statements and representations: <br /> <br />(a) the Bonds are not "private activity bonds" as defined in Section <br />141 of the Code; <br /> <br />(b) the City designates the Bonds as "qualified tax" exempt <br />obligations" for purposes of Sectj.on 265(b)(3) of the Code; <br /> <br />(c) the reasonably a'D.ticipated amount of tax..exempt obligations <br />(other than private activity bonds, treating qualified 501(c)(3) bonds as not <br />being private activity bonds) which will be issued by the City (and all <br />subordinate entities of the City) during calendar year 1994 will not exceed <br />$10,000,000; and <br /> <br />(d) not more than $10,000,000 of obligations issued by the City <br />during calendar year 1994 have been designated for purposes of Section <br />265 (b)( 3) of the Code. <br /> <br />"S. 05. The City will use its best efforts to comply with any federal procedUral <br />requirements which may apply in order to effectuate the designations made by this <br />section. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by <br /> <br />Member Samuelson <br /> <br />, and upon vote being taken thereon, the following <br /> <br />voted in favor thereof: <br /> <br />All in favor <br />and the following voted against the same: <br /> <br />None <br />whereupon said resolution was declared duly passed and adopted. <br /> <br />SlifQ71738 <br />NB136-l1S <br />