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<br />- 4 - <br />tax laws, including, wi.thout limitation, any of the elections provided for in <br />Section 148(f)(4)(C) of the Code or available under Section 148 of the Code, <br />for the purpose of assuring, enhancing ar protecting favorable tax treatment <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 amvunt or payments or penalties, or making <br />payments of special amounts in lieu of making computat.ions to determi.ne, or <br />paying, excess earnings as rebate, or obviating those amounts or payments, as <br />determined by that officer, which action sYiall 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 behal.f of the City, as may be appropriate to assure the exclusion of inter- <br />est from gross income and the int.ended tax status of the Notes, and (c) to <br />give one or more appropriat.e certificates of the City, for inclusion in the <br />transcript of proceedings for the Notes, setting forth the reasonable expecta- <br />tions of tYie City regarding the amouiit and use of all the proceeds of the <br />Notes, the facts, circumstances and estimates on which they are based, and <br />other facts and circumstances relevant to the tax treatment of ttie interest on <br />and the tax status of the Notes. <br />Each covenant made in this Section with respect to the Notes is al.so <br />made wiY.h 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 />refund.ing issues in a series of refundings), to the extent such compliance is <br />necessary to assure exclusion of interest on the Notes from gross income f.or <br />federal income tax purposes, and the officers identi.fied above are authorized <br />to take act.ions with respect to tYiose issues as tkiey are authorized in this <br />Section to take with respect to the Notes. <br />The Cit.y hereby represents that the 1991 Notes are treated as <br />"yual_if.ied tax-exempt obligations" pur.suant to Section 265(b)(3) of the Code. <br />The City hereby covenants that it wili redeem the 1991 Notes from proceeds of, <br />and within 90 days after issuance of, the Notes, and represents that all other <br />conditions are met for treating the Notes as "qualified tax-exempt <br />obiigations" and as not to be taken into account under subparagraph (D) of <br />Section 265(b)(3) of the Code, without necessity for fur.th.er 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 />itseif of, any entit.y in order to avoid the purposes of subparagraph (C) or <br />(D) of Section 265(b)(3) of the Code, and will not form, participate in the <br />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 <br />indirect composite issue that combines issues or lots of tax-exempt <br />obligations of different issuers. <br />Section 11. The Clerk of Council is directed to deliver a certified <br />copy of thi.s ordinance to tYie County Auditor.