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<br /> . <br /> , . <br /> I' <br /> .. 9. Oualified'Tax-Exempt Obligations. The Bonds are hereby designated as <br /> "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Internal <br /> Revenue Code of 1986, as amended. The Bonds are to be issued on behalf of an organization <br /> . described in Section 501(c)(3) of the Code and are to be issued as "qualified 501(c)(3) bonds" <br /> under Section 145 of the Code. The City, together with all subordinate entities thereof, does <br /> not reasonably expect to issue tax-exempt obligations, including the Bonds (other than private <br /> . activity bonds not constituting "qualified 50 1 (c)(3) bonds"), which, when added together with <br /> all such obligations heretofore issued by the City, or such subordinate entities, in calendar year <br /> . 1995, will be in an aggregate amount exceeding $10,000,000 in calendar year 1995. <br /> PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF ARDEN lllLLS <br /> . THIS 28TH DAY OF AUGUST, 1995. <br /> By <br /> . Dennis P. Probst, Mayor <br /> . ATTEST: <br /> .- <br /> Brian Fritsinger, Administrator <br /> . <br /> Ml:0046482.0l <br /> . <br /> . <br /> . <br /> I <br /> . <br /> I <br /> .- - 5 - <br /> . <br />