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<br />-4- <br />Notes, in an aggregate amount in excess of $10,000,000, and (ii) have not issued, do not <br />reasonably anticipate issuing, and will not issue, tax-exempt obligations (including the Notes, <br />but excluding obligations, other than qualified 501(c)(3) bonds as defined in Section 145 of the <br />Code, that are private activity bonds as defined in Section 141 of the Code and excluding <br />refunding obligations that are not advance refunding obligations as defined in Section <br />149(d)(5) of the Code) in an aggregate amount exceeding $10,000,000, unless the City first <br />obtains a written opinion of nationally recognized bond counsel that such designation or <br />issuance, as applicable, will not adversely affect the status of the Notes as "qualified tax- <br />exempt obligations". Further, the City represents and covenants that, during any time or in <br />any manner as might 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 itself of, any entity <br />in order to avoid the purposes of subparagraph (C) or (D) of Section 265(b)(3) of the Code, <br />and will not form, participate in the formation of, or benefit from or avail itself of, any such <br />entity. The City further represents that the Notes are not being issued as part of a direct or <br />indirect composite issue that combines issues or lots of tax-exempt obligations of different <br />issuers. <br />Section 11. The Clerk of Council is directed to deliver a certified copy of this <br />ordinance to the County Auditor. <br />Section 12. This Council determines that all acts and conditions necessary to be <br />done or performed by the City or to have been met precedent to and in the issuing of the Notes <br />in order to make them legal, valid and binding general obligations of the City have been <br />performed and have been met, or will at the time of delivery of the Notes have been <br />performed and have been met, in regular and due form as required by law; that the full faith <br />and credit and general property taxing power (as described in Section 9) of the City are <br />pledged for the timely payment of the debt charges on the Notes; and that no statutory or <br />constitutional limitation of indebtedness or taxation will have been exceeded in the issuance of <br />the Notes. <br />Section 13. This Council finds and determines that all formal actions of this <br />Council concerning and relating to the passage of this ordinance were taken in an open meeting <br />of this Council and that all deliberations of this Council and of any committees that resulted in <br />those formal actions were in meetings open to the public in compliance with the law. <br />Section 14. This ordinance shall be effective from and after the earliest time <br />permitted by law. <br />Passed: 1993 <br />Attest: ?' ?3-z? <br />Clerk of Council President of Council <br />Approved: 1993 <br />/Cr 3 <br />??