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<br />... <br /> <br />7.04. 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 141 <br />of the Code; <br /> <br />(b) the City hereby designates the Bonds as "qualified tax-exempt <br />obligations" for purposes of Section 265(b)(3) of the Code; <br /> <br />(c) the reasonably anticipated amount of tax-exempt obligations (other <br />than private activity bonds, treating qualified 501(c)(3) bonds as not being <br />private activity bonds) which will be issued by the City (and all subordinate <br />entities of the City) during calendar year 1992 will not exceed $10,000,000; <br />and <br /> <br />(d) not more than $10,000,000 of obligations issued by the City during <br />calendar year 1992 have been designated for purposes of Section 265(b) (3) of <br />the Code. <br /> <br />7 . 05. The City shall 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 Gunderman <br /> <br />, and upon vote being taken thereon, the following <br /> <br />voted in favor thereof: R. Benke, A. Gunderman, S. Larson, D. Rebelein <br />and R. Wi lliarns <br /> <br />and the following voted against the same: None <br /> <br />whereupon said resolution was declared duly passed and adopted. <br /> <br />S.m41117 <br />NE1J6-97 <br />