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<br />(i) Under Section 103{a) and Section 149(e) of the <br />Internal Revenue Code of 1986, as amended, and the <br />applicable regulations of the Department of the <br />Treasury promulgated thereunder (the "Code"), the <br />interest on an issue of private activity bonds <br />issued by a political subdivision of a state for <br />certain facilities is not includible in gross <br />income for Federal income tax purposes, subject to <br />the limitations and requirements of the Code, <br />including the filing by such political subdivision <br />of a statement providing information required by <br />the Code on IRC Form No. 8038 (the "Information <br />Statement"). <br /> <br />Section 2. In consequence of the foregoing, the City hereby <br />determines (i) to issue and sell the Series 1988A <br />Bonds to the Underwriter in accordance with the <br />terms and conditions as set forth in the Bond <br />Purchase Agreement (the "Bond Purchase Agreement") <br />dated March 1, 1988 by and among the City, the <br />Underwriter and the Company, such Series 1988A <br />Bonds to be sold and delivered in the manner, at <br />the purchase price and on the terms and conditions <br />set forth in the Bond Purchase Agreement; (ii) to <br />apply all of the Series 1988A Bond proceeds to <br />refund the Prior Note; (iii) to execute and deliver <br />the Loan Agreement, the Assignment, the Disbursing <br />Agreement and the Indenture; (iv) to secure the <br />Bonds by pledging and assigning to the Trustee <br />certain of the City's rights and remedies under the <br />Loan Agreement and Mortgage and certain moneys due <br />and to become due thereunder, pursuant to the <br />Assignment and the Indenture; (v) to execute an <br />Arbitrage Certificate in connection with the <br />issuance of the Series 1988A Bonds; (vi) to file <br />the Information Statement in connection with the <br />issuance of the Series 1988A Bonds and (vii) to <br />take such other actions as are necessary or <br />appropriate to consummate the transactions <br />contemplated by the documents and instruments <br />approved hereby. <br /> <br />Section 3. The form and substance of the Series 1988A Bonds <br />(in substantially the forms contained in the form <br />of Indenture presented to this meeting) are hereby <br />approved. <br /> <br />Section 4. The form and substance of the following documents <br />(in substantially the forms presented to this <br />meeting of the Council) are hereby approved: the <br />Bond Purchase Agreement, the Indenture, the Loan <br />Agreement, the Mortgage, the Assignment, the <br />Disbursing Agreement and the Guaranties. <br /> <br />4 <br />