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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 /> 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 /> 22. This resolution shall be in full force and effect from and after its passage. <br /> ADOPTED BY THE CITY COUNCIL OF THE CITY OF ARDEN HILLS,MINNESOTA, <br /> THIS 29TH DAY OF JUNE,2015. <br /> By CG v ti <br /> David Grant,Mayor <br /> Attest: <br /> By tt l <br /> Amy Dietl, City herk <br /> AR200-16(SEL) <br /> 463027v.2 <br /> -9- <br />