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7.04. In order to qualify the Bonds as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Code, the City makes the following factual statements and representations: (a) the Bonds are not "private activity bonds" as defined in Section 141 of the Code; (b) the City hereby designates the Bonds as "qualified tax-exempt obligations" for purposes of Section 265(b )(3) of the Code; (c) the reasonably anticipated amount of tax-exempt obligations (other than private activity bonds, that are not qualified 501(c)(3) bonds) which will be issued by the City (and all subordinate entities of the City) during calendar year 1998 will not exceed $10,000,000; and (d) not more than $10,000,000 of obligations issued by the City during calendar year 1998 have been designated for purposes of Section 265(b )(3) of the Code. 7.05. The City will use its best efforts to comply with any federal procedural requirements which may apply in order to effectuate the designations made by this section. Section 8. Continuing Disclosure. 8.01. The Purchaser need not comply with the continuing disclosure requirements of Rule 15c2-12 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934 (the "Rule"), because the offering is in a principal amount less than $1,000,000. Consequently, the City will not enter into any undertaking to provide continuing disclosure of any kind with respect to the Bonds. The motion for the adoption of the foregoing resolution was duly seconded by Member RllC'.kh~e ,. and upon vote being taken thereon, the following voted in favor thereof: Wilharber, Brenner, Buckbee and the following voted against the same: None whereupon said resolution was declared duly passed and adopted. DJK144652 CE1SS-14