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<br />. <br /> <br />5. The Bonds are hereby designated as "qualified <br />tax-exempt obligations" within the meaning of Section 265(b)(3) <br />of the Internal Revenue Code of 1986, as amended. The Bonds <br />are to be issued on behalf of an organization described in <br />Section 501(c)(3) of the Code and are to be issued as <br />"qualified 501(c)(3) bonds" under Section 145 of the Code. The <br />City, together with all subordinate entities thereof, does not <br />reasonably expect to issue tax-exempt obligations, including <br />the Bonds (other than private activity bonds not constituting <br />"qualified 501(c)(3) bonds"), which, when added together with <br />all such obligations heretofore issued by the City, or such <br />subordinate entities, in calendar year 1991, will be in an <br />aggregate amount exceeding $10,000,000 in calendar year 1991. <br /> <br />6802f <br /> <br />. <br /> <br />Passed and adopted this 25th <br /> <br />day of November , 1991. <br /> <br />/ /' <br />I <br />f~ <br />~I <br />~- / ' <br />{ jtn! t <br />Thomas Sathe <br /> <br /> <br />ATTEST: <br /> <br /> <br />. <br /> <br />-4- <br />