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<br /> -9- <br /> <br />20. The City hereby consents to the amendments incorporated into the Amended <br />Series 2011B Note and the Amended Series 2012B Note and delivery of the Amended Series 2011B Note <br />and Amended Series 2012B Note. <br /> <br />21. The City hereby determines that the reasonably anticipated amount of tax-exempt <br />obligations which will be issued by the City during calendar year 2015 does not exceed $10,000,000. For <br />purposes of the preceding sentence, the term “tax-exempt obligation” does not include the tax-exempt <br />obligations described in Section 265(b)(3)(C)(ii) or in Section 265(b)(3)(D) of the Internal Revenue Code <br />of 1986, as amended (the “Code”). The Series 2015 Note is hereby designated as a “qualified tax-exempt <br />obligation” by the City for the purposes of Section 265(b)(3) of the Code for calendar year 2015. The <br />Amended Series 2011A Note and the Amended Series 2012A Note will be deemed designated as <br />“qualified tax-exempt obligations” under the provisions of Section 265(b)(3)(D) of the Code. <br /> <br />22. This resolution shall be in full force and effect from and after its passage. <br /> <br />ADOPTED BY THE CITY COUNCIL OF THE CITY OF ARDEN HILLS, MINNESOTA, <br />THIS 29TH DAY OF JUNE, 2015. <br /> <br /> <br /> <br /> <br /> <br />By <br />David Grant, Mayor <br /> <br /> <br />Attest: <br /> <br /> <br /> <br /> <br />By <br />Amy Dietl, City Clerk <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />AR200-16 (SEL) <br />463027v.2