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private activity bonds) issued by the City (and all entities subordinate to, or treated as one issuer with, the City) during the calendar year in which the Bonds are issued and outstanding at one time is not reasonably expected to exceed $5,000,000, all within the meaning of Section l48(f) (4) (C) of the Code. 25. Designation of Qualified Tax-Exempt Obligations. In order to qualify the Bonds as "qualified tax-exempt obligations" within the meaning of Section 265(b) (3) of the Code, the City hereby makes the following factual statements and representations: (a) the Bonds are issued after August 7, 1986; (b) the Bonds are not "private activity bonds" as defined in Section 141 of the Code; (c) the City hereby designates the Bonds as "qualified tax-exempt obligations" for purposes of Section 265(b) (3) of the Code; (d) the reasonably anticipated amount of tax-exempt obligations (other than private activity bonds, treating qualified 501(c) (3) bonds as not being private activity bonds) which will be issued by the City (and all entities subordinate to, or treated as one issuer with, the City) during this calendar year 1988 will not exceed $lO,OOO,OOO; and (e) not more than $10,000,000 of obligations issued by the City during this calendar year 1988 have been designated for purposes of Section 265(b) (3) of the Code. The City shall use its best efforts to comply with any federal procedural requirements which may apply in order to effectuate the designation made by this paragraph. 26. Depository Letter Agreement. The Depository Letter of Agreement is hereby approved, and shall be executed on behalf of the City by the Mayor and Manager, in substantially the form approved, with such changes, modifications, additions ana deletions as shall be necessary and appropriate and approved by the City Attorney. Execution by such officers of the Depository Letter Agreement shall be conclusive evidence as to the necessity and propriety of 41