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7.03. Not Private Activity Bonds. The City further covenants. apt to use the. proceeds of the Bonds or to cause or permit them or any of them to be used, in such a- manner as to cause the Bonds to be "private activity bonds"withirr the meaning of Sections 1-03 and 141 through 150 of the Code. 7.04. Qualified Tax<Exempt abIigations. Tn older tp qualify the Bonds -as "qualified. tax-; .ekempt.obligations" within the meaning of Section 265(bX3) df the.Code, the City makes the following. factual statements and representations:. (a) the Bonds are not "private activitybonds" aa defined in Section 1:41 of the CaEdw, (b) the City hereby designates the Bonds as "qua(ified tax-exempt obligations" for purposes of Section 265(b)(3) ofthe.Code; (c) the reasonably aniinipated amount. of tax-exempt obligations (other. than private activity bonds which are not qualified-501 (c)(3).bonds).which will be issued by the City (and all subordinate`entities of the City) during calendar year 2b15 will not exceed $1.0,000,000;.and (d) not more than $AP 10,0OQ of -obligations issued by the City during calendar .year 2015 have been designated for purposes of:Section 265(6)x3)'of. the Code. 7.05. Procedural Requirements. The City will use its best efforts. to.comply with. any federal procedural requirements which may apply. in order to effectuate the. des ignationsmade.by this section. Section S. Book -Entry System: Limited Obligation of City: 8.01. The Depository Trust -Company. The Bonds will be. initially issued in the* form of a separate single typewritten or printed fully registered Bond for each of the maturities set forth in Section 1.04 hereof, Upon initial issuance, the ownership of each such Bond will be registered in the registration books kept icy. the Registiv&in-the name of*Cede & Co., as nominee -for The Depository Trust. Company, New York, New'York, land ifs successors and assigns ("DW. ); Except as. provided in this section, all of the outstanding )3pnds will be registered in the registration books kept. by the Registrar in. the name of Cede & Co., as -nominee of &C. .$.02. Participants. With. respect to. Bonds registered in *the registration books kept by the Registrar -in the name of Cede & Co., as nominee of DTC,-the: City; the Registrar and the. Paying Agent. will Uve*no responsibility or obligation to any broker dealers, banks and other financial institutions from. time to time for which DTC holds Bonds as securities depository. (the "Participants") or- to any :other person on behalf of which a Pgnicipant holds an interest in the Bonds, including but not limited to any responsibility or obligation with respect to. -(i) the* accuracy of the records. of DTC, Cede & Co. or any Participant with respect to Oy. ownership interest in the Bonds, (4) the delivery. -to any Participant or any other person (other than a registered. owner of Bonds,.. as shown by the. registration books. kept by the Registrar), -of any, -notice:: with respect to the Bonds, including: any notice of redemption, or (iii). the payment to any Participant or any other person, other than a. registered owner of Bonds, of any amount with respect to principal .of,. premium, if any, or interest on the Bonds. The City, the Registrar -and the Paying.Agent msy treat and cgnsidertfie person. in whose name each Oond;is registered in the.regisiratiion bookg-keptl ythe Registrar as -..the Milder aid absolute owner of such Bonet for the purpose of payment of principal, premium and interest with respect to such Band, for the purpose of registering transfers with respect to such Bonds,. and.for all. other purposes. The Paying Agent will pay all principal of, premium, if any., -and interest on .the. Bonds only to -or on 'the order of the respective registered owners; as shown in the registration books*kept-by. the -Registrar, and all such payments will be valid and effectual to*fully satisfy and discharge the Gity's obligations with respect to payment of principal of, premium, if any,. pr. interest 461255vt OAF OE•19C-12 l 0