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�� each of the Refunded Bonds was issued as part of an issue which was treated as meeting the rebate requirements by reason of the exception for governmental units issuing $5,000,000 or less of bonds; �d� the average maturity of the Bonds does not exceed the average maturity of the Refunded Bonds; and (e� no part of the Bonds has a maturity date which is later than the date which is thirty years after the dates the Refunded Bonds were issued. �. Desi�nation of E Tax-Ex�m� �b7i�l,ia�s: l�u�c Lirni.t. In or�t 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; �� 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 treated as one issuer with the City, and all subordinate entities whose obligations are treated as issued by the City) during this calendar year 2004 will not exceed $10,000,000; (e� not more than $10,000,000 of obligations issuedby the City during this calendar year 2004 have been designated for purposes of Section 265(b)(3) of the Code; (� the aggregate face amount of the Bonds does not exceed $10,000,000; and �g� the Bonds are issued to refund, and not to "advance refund" the Prior Bonds within the meaning of Section 149(d)(5) of the Code, and shall not be taken into account under the $10,000,000 issuance limit to the extent the Bonds do not exceed the outstanding amount of the Prior Bonds. 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 Bonds have been discharged as provided in this paragraph, all pledges, covenants and other rights granted by this resolution to the registered holders of the Bonds shall, to the extent permittedby law, cease. The City may discharge its obligations with respect to any Bonds which are due on any date by irrevocably depositing with the Bond Registrar on or before that date a sum sufficient for the payment thereof in full; or if any Bond should not be paid when due, it may nevertheless be discharged by depositing with the Bond Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit. The City may also at any time discharge its obligations with respect to any Bonds, i�i��i ��