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- 17. Desi�ation of Qualified Tax-Exem tn Obli atg ions. In order to qualify the <br /> � Certificate as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the <br /> Code,the City hereby makes the following factual sta.tements and representa.tions: <br /> (a) the Certificate is issued after August 7, 1986; <br /> (b) the Certificate is not "private activity bonds" as defined in Section 141 of the <br /> Code; <br /> (c) the City hereby designates the Certificate as "qualified tax-exempt obligations" <br /> for purposes of Section 265(b)(3)of the Code; <br /> (d) the reasonably anticipated amount of tax-exempt obligations (other than private <br /> activity bonds,treating qualified 501(c)(3)bonds as not being private activity bonds)which will <br /> be issued by the City(and a11 entities treated as one issuer with the City, and all subordina.te <br /> entities whose obligations are treated as issued by the City)during this calendar year 2017 will <br /> not exceed$10,000,000; <br /> (e) not more than$10,000,000 of obligations issued by the City during this calendar <br /> year 2017 have been designated for purposes of Section 265(b)(3)of the Code; and <br /> (fl the aggregate face amount of the Certificate does not exceed$10,000,000. <br /> The City shall use its best efforts to comply with any federal procedural requirements <br /> � which may apply in order to effectuate the designation made by this paragraph. <br /> 18. Severabilitv. If any section,paragraph or provision of this resolution shall be held <br /> to be invalid or unenforceable for any reason,the invalidity or unenforceability of such section, <br /> paragraph or provision sha11 not affect any of the remaining provisions of this resolution. <br /> 19. Headin�s. Headings in this resolution are included for convenience of reference <br /> only and are not a part hereof, and shall not limit or define the meaning of any provision hereof. <br /> The motion for the adoption of the foregoing resolution was duly seconded by member <br /> Randy Loukota and, after a full discussion thereof and upon a vote being taken thereon,the <br /> following voted in favor thereof: Mayor Nancy Adams, Council Members Jerry Akerson,Randy <br /> Loukota, Scott Pederson, and Mimi Swanson and the following voted against the same: None. <br /> Whereupon the resolution was declared duly passed and adopted. <br /> �... <br /> 12 <br /> 8126692v1 <br />