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validity and marketability of the Bonds and such instruments , including any heretofore furnished, may be deemed representations of the City as to the facts stated therein. 5.02. The Mayor, Manager and Finance Director are authorized and directed to certify that they have examined the official Statement prepared and circulated in connection wiith the issuance and sale of the Bonds and that to the hest of their knowledge and belief the official Statement is a complete and accurate representation of the facts and representations made therein as of the date of the official Statement. Section 6. Tax Covenant. 6 t o 1. The City covenants and agrees with the holders from time to time of the Bonds that it will not take or per to-be tal en by any of its ,officers , employees or agents any action which would cause the interest on the Bonds to become subject to taxation under the Internal Revenue Code of 1986, as amended (tbe Code ) , and the Treasury Regulations promulgated thereunder, in effect at the time of such actions, and that it will take or cause its officers, employees or agents to take, all affirmative action within its power that may be necessary to ensure that such interest will not become subject to taxation under the Code and applicable (Treasury Regulations, as presently existing or as hereafter amended and made applicable to the Bonds. 6, o * (a) The City will comply with requirements necessary under the code to establish and maintain the exclusion from gross income of the interest on the Bonds under Section 103 of the Code, including without ].in tation require- ments relating to temporary periods for investments, limitations on amounts invested at a yield greater than the yield on the Bonds, and the rebate of excess investment earnings to the United States if the Bonds (together with other obligations reasonably expected to be issued in calendar year 1993 ) exceed the small-issuer exception amount of $5,000,000. (b) For purposes of qualifying for the small issuer exception to the federal arbitrage rebate requirements, the City finds, determines and declares that the aggregate face amount of all tax-exempt bonds ( other than private activity bonds) issued by the City ('and all subordinate entities of the City) during the calendar year in which the Bonds are issued is not reasonably expected to exceed $5, coo, coo, within the meaning of Section 148(f) (4) ( ) of the Code, 6, 03, The City further covenants not to use the proceeds of the Bonds or to cause or permit then or any of them to be used. -in such a manner as to cause the Bonds to be "Private activity bonds it within the meaning of Sections 103 and 141 through 150- of the Code 6,04, In order to qualify the Bonds as "qualified tax =exempt obligations' within the mean ig of Section 285 (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) ( of the Code 47 "6 iW200-10 1