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<br />of the bo.rrowing, (ii) restrict the yield on investment property, (iii) make
<br />timely and adequate payments to the federal government, (iv) maintain books
<br />and records and make calcul.ations and reports, and (v) refrai.n from certain
<br />uses of those proceeds and, as applicable, of property financed with such
<br />proceeds, all in such manner and to the extent necessary to assure such
<br />exclusion of that interest tinder the Code.
<br />The Director of Finance, as the fi_scal officer, or any other officer
<br />of the City having responsibility fvr issuance of the Notes is hereby atitho-
<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, any of the elections pr.ovided for in
<br />Section 148(f)(4)(C) of the Code or availabl.e under Section 148 of the Code,
<br />for the purpose of assuring, enhancing or protecting favorable tax treatment
<br />or status of the Notes or interest thereon or assisting compliance with
<br />requirements for tliat purpose, reducing the burden or expense of such
<br />compli.ance, reducing ttie rebate amount or payments or penalties, or making
<br />payments of special amourits 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 calcu.lations,
<br />make payments, and make or give report.s, covenants and certifications of and
<br />on behalf of the City, as may be appropriate to assure the exclusion of int.er-
<br />est from gross income atid the intended tax status of the Notes, and (c) to
<br />give one or more appropriate certificates of the City, for incJ.usion in the
<br />transcript of proceedings for the Notes, setting forth the .reasonable expecta-
<br />tions of the City regardi.ng the amount and use of all the proceeds of the
<br />Notes, tYie facts, circumstances and estimates on which they are based, and
<br />ottier facts and circumstances relevant to the tax treatment of the interest vn
<br />and ttie tax status of the Nvtes.
<br />Each covenant made in this Section with respect to the Notes is also
<br />made with respect t,o all issues any portion of the debt service on wtiich is
<br />paid from proceeds of the Notes (and, if different, the original issue and any
<br />reftinding issues in a series of refundings), to the extent such compl.iance is
<br />necessary to 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 1991 Notes are txeated as
<br />"qualified tax-exempt obligations" pursuant to Section 265(b)(3) of the Code.
<br />TYie City hereby covenants that it will redeem the 1991 Notes from proceeds of,
<br />and within 90 days after issuance of, the Notes, and represents that all other
<br />condit.ions are met for treating the Notes as "qualified tax-exempt
<br />obligations" and as not to be taken into account under subparagraph (D) of
<br />Section 265(b)(3) of the Code, wi_thout necessity for further designation, by
<br />reason of subparagraph (D)(ii) of Section 265(b)(3) vf the Code. Further, the
<br />City represents and covenants that, during any time or in any manner as might
<br />af.fect the status of the Notes as "yualified tax-exempt obligations", it has
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