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<br />16.02. The City will comply with requirements necessary under the Code to establish and <br />maintain the exclusion from gross income of the interest on the Bonds if the interest on the <br />Bonds were intended to be tax-exempt under Section 103 of the Code, including, without <br />limitation, requirements relating to temporary periods for investments, limitations on amounts <br />invested at a yield greater than the yield on the Bonds, and the rebate of excess investment <br />earnings to the United States. <br /> <br />16.03. The City further covenants not to use the proceeds of the Bonds or to cause or <br />permit them or any of them to be used, in such a manner as to cause the Bonds to be "private <br />activity bonds" within the meaning of Section 103 and 141 through 150 of the Code. <br /> <br />16.05. The City certifies that the proceeds of the Bonds will not be used by the City to <br />reimburse itself for any expenditure with respect to the Project which the City paid or will have <br />paid more than 60 days prior to the issuance of the Bonds unless, with respect to such prior <br />expenditures, the City is in compliance with the relevant provisions of the American Resource <br />and Recovery act of 2009 and unless the City shall have made a declaration of official intent <br />which complies with the provisions of Section 1.150-2 of the Regulations, except with respect to <br />certain de minimis expenditures meeting the requirements of Section 1.l50-2(f)(l) and <br />preliminary expenditures meeting the requirements of Section 1.150-2(f)(2) which in the <br />aggregate do not exceed 20% of the "issue price" of the Bonds. <br /> <br />16.06. The City will use its best efforts to comply with any federal procedural <br />requirements which may apply in order to effectuate the designations made by this section. <br /> <br />16.07. Build America Bonds Election. The City irrevocably elects to have Section 54AA <br />of the Internal Revenue Code of 1986, as amended (the "Code"), applied to the Bonds, <br />specifically including Section 54AA(g) of the Code. The term "Internal Revenue Code" or <br />"Code" as used herein includes the Internal Revenue Code of 1986, as amended, and all <br />regulations, amended regulations and proposed regulations issued thereunder, as now existing, or <br />as hereafter amended or proposed. <br /> <br />Section 17. Severabilitv. If any provision of this Resolution shall be held or deemed <br />to be or shall, in fact, be inoperative or unenforceable as applied in any particular case in any <br />jurisdiction or jurisdictions or in all jurisdictions or in all cases because it conflicts with any <br />provisions of any constitution or statute or rule or public policy, or for any other reason, such <br />circumstances shall not have the effect of rendering the provision in question inoperative or <br />unenforceable in any other case or circumstance, or of rendering any other provision or <br />provisions herein contained invalid, inoperative or unenforceable to any extent whatever. The <br />invalidity of anyone or more phrases, sentences, clauses or paragraphs in this Resolution <br />contained shall not affect the remaining portions of this Resolution or any part thereof. <br /> <br />Section 18. <br />reference only and <br />provisions hereof. <br /> <br />Headings. Headings in this Resolution are included for convenience of <br />are not a part hereof, and shall not limit or define the meaning of any <br /> <br />18 <br />