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<br />proceeds, all in such manner and to the extent necessary to assure such
<br />exclusive of that interest under the Code.
<br />The Director of Finance, as the fiscal officer, or any other officer
<br />of the City having responsibility for issuance of the Notes is hereby autho-
<br />rized (a) to make or effect any election, selection, designation, choice,
<br />consent, approval, or waiver on behalf of the City with respect to the Notes
<br />as the City is permitted or required to make or give under the federal income
<br />tax laws, including, without limitation, a.ny of the elections provided for in
<br />Section 148(f)(4)(C) of the Code or available under Section 148 of tfie Code,
<br />for the purpose of assuring, enhancing or protecting favorable tax tr.eat.ment
<br />or status of the Notes or interest thereon or assisting compliance with
<br />requirements for that purpose, reducing the burden or expense of such
<br />compliance, reducing the rebate amount or payments or penalties, or making
<br />payments of special amounts in lieu of making computations to determine, or
<br />paying, excess earnings as rebate, or obviating those amounts or payments, as
<br />determined by that officer, which action shall be in writing and signed by the
<br />officer, (b) to take any and all other actions, make or obtain calculations,
<br />make payments, and make or give reports, covenants and certifications of and
<br />on behalf of. the City, as may be appropriate to assure the exclusion of
<br />interest from gross income and the intended tax status of the Notes, and (c)
<br />to give one or more appropriate certificates of the City, for inclusion in the
<br />transcript of proceedings for the Notes, setting forth the reasonable expecta-
<br />tions of the City regarding the amount and use of all the proceeds of the
<br />Notes, the facts, circumstances and estimates on which they are based, and
<br />vt.her facts and circumstances relevant to the t.ax treatment of the interest on
<br />and the tax status of the Notes.
<br />Each covenant made in this Section with respect to the Notes is also
<br />made with respect to all issues any portion of the debt service on which is
<br />paid from proceeds of the Notes (and, if different, the original issue and any
<br />refunding issues in a series of refundings), to the extent such compliance is
<br />necessary t.o assure exclusion of interest on the Notes from gross income for
<br />federal income tax purposes, and the officers identified above are authorized
<br />to take actions with respect to those issues as they are authorized in this
<br />Section to take with respect to the Notes.
<br />The City hereby represents that the 1990 Notes were treated as
<br />"yualified tax-exempt obligations" pursuant to Section 265(b)(3) of the Code.
<br />The City hereby covenants that it will redeem the 1990 Notes from proceeds of,
<br />and within 90 days after issuance of, the Notes, and represents that ali other
<br />conditions are met for treating the Notes as "qualified tax-exempt
<br />obligations" and as nvt to be taken into account under subparagraph (D) of
<br />Section 265(b)(3) of the Code, without necessity for further designation, by
<br />reason of subparagraph (D)(ii) of Section 265(b)(3) of the Code. Further, the
<br />City represents and covenants that, during any time or in any manner as might
<br />affect the status of the Notes as "qualified tax-exempt obligations", it has
<br />not formed or participated in the formation of, or benefited from or availed
<br />itself of., any entity in order to avoid the purposes of subp~~ragraph (C) or
<br />(D) of. Section 265(b)(3) of the Code, a.nd will not form, participate .in the
<br />formation vf, or benefit from or avail itself of, any such entity. The City
<br />
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