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<br />exceeding $10,000,000, unless the City first obtains a written opinion of nationally recognized bond <br />counsel that such designation or issuance, as applicable, will not adversely affect the status of the <br />Notes as "qualified tax-exempt obligations". Further, the City 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 not <br />formed or participated in the formation of, or benefitted from or availed itself of, any entity in order <br />to avoid the purposes of subpazagraph (C) or (D) of Section 265(b)(3) of the Code, and will not <br />form, participate in the formation of, or benefit from or avail itself of, any such entity. The City <br />further represents that the Notes are not being issued as part of a direct or mdirect composite issue <br />that combines issues or lots of tax-exempt obligations of different issuers. <br />Section 11. The Clerk of Council is directed to deliver a certified copy of this <br />ordinance and a copy of the Certificate of Award to the County Auditor. <br />Section 12. This Council determines that all acts and conditions necessary to be done <br />or performed by the City or to have been met precedent to and in the issuing of the Notes in order to <br />make them legal, valid and binding general obligations of the City of North Olmsted have been <br />performed and have been met, or will at the time of delivery of the Notes have been performed and <br />have been met, in regular and due form as required by law; that the full faith and credit and general <br />property taxing power (as described in Section 9) of the City are pledged for the timely payment of <br />the debt charges on the Notes; and that no statutory or constitutional limitation of indebtedness or <br />taxation will have been exceeded in the issuance of the Notes. <br />Section 13. This Council fmds and deternunes that all formal acrions of this Council <br />and of any of its committees concerning and relating to the passage of this ordinance were taken, <br />and that all deliberations of this Council and of any committees that resulted in those formal actions <br />were held, in meetings open to the public in compliance with the law. <br />Section 14. This ordinance shall be in full force and effect from and after the earliest <br />time permitted by law. <br />Passed: , 1998 <br />Attest: <br />Clerk of Council <br />Approved: <br />1998 <br />Mayor <br />President of Council <br />? . -5- <br />