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<br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <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 I (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 c,lendar year 1995. <br /> <br /> <br />PASSED AND ADOPTED BY THE CITY COUNCIL OF! <br />THIS 28TH DAY OF AUGUST, 1995. ;:: <br /> <br />C? OF ARDEN HILLS <br />/ V <br /> <br />ATTEST: <br /> <br /> <br />Ml:0046482.01 <br /> <br />- 5 - <br />