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26. Designation of Qualified T�-Exem�t Obligations. In order to qualify the Sonds as "qualified t�-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 Sonds are issued after August 7, 1986; (b) the Sonds are not "private activity bonds" as defined in Section 141 of the Code; (c) the City hereby designates the Sonds as "qualified t� exempt obligations" for purposes of Section 265 (b) (3) of the Code; (d) the reasonably anticipated amount of t� 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 treated as one issuer with the City, and all subordinate entities whose obligations are treated as issued by the City) during this calendar year 2009 will not exceed $30,000,000; (e) not more than $30,000,000 of obligations issued by the City during this calendar year 2009 have been designated for purposes of Section 265 (b) (3) of the Code; and (f� the aggregate face amount of the Sonds does not exceed $30,000,000. Furthermore: (g) each of the Refunded Sonds was designated as a"qualified t� exempt obligation" for purposes of Section 265 (b) (3) of the Code; (h) the aggregate face amount of the Sonds does not exceed $30,000,000; (i) the average maturity of the Sonds does not exceed the remaining average maturity of the Refunded Sonds; �j) no part of the Sonds has a maturity date which is later than the date which is thirty years after the date the Refunded Sonds were issued; and (k) the Sonds are issued to refund, and not to "advance refund" the Prior Sonds within the meaning of Section 149(d) (5) of the Code, and shall not be taken into account under the $30,000,000 issuance limit to the extent the Sonds do not exceed the outstanding amount of the Prior Sonds. 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. 27. Defeasance. When all Sonds have been discharged as provided in this paragraph, all pledges, covenants and other rights granted by this resolution to the registered holders of the Sonds shall, to the extent permitted by law, cease. The City may discharge its obligations with respect to any Sonds which are due on any date by irrevocably depositing with the Sond Registrar on or before that date a sum sufficient for the payment thereof in full; or if any Sond 2377316v1 1 %