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(a) the Certificate is issued after August 7, 1986; <br /> (b) the Certificate is not a"private activity bond"as defined in Section 141 of the Code; <br /> (c) the City hereby designates the Certificate as a"qualified tax-exempt obligation"for <br /> 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 all entities treated as one issuer with the City,and all subordinate entities <br /> whose obligations are treated as issued by the City)during this calendar year 2022 will not exceed <br /> $10,000,000; <br /> (e) not more than $10,000,000 of obligations issued by the City during this calendar <br /> year 2022 have been designated for purposes of Section 265(b)(3)of the Code;and <br /> (t) 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. Offering Circular. The Offering Circular relating to the Certificate prepared and <br /> distributed by David Drown is hereby approved and the officers of the City are authorized in <br /> connection with the delivery of the Certificate to sign such certificates as may be necessary with <br /> respect to the completeness and accuracy of the Offering Circular. <br /> 19. Severability. 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 shall not affect any of the remaining provisions of this resolution. <br /> 20. Headings. 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 /> Sells and,after a full discussion thereof and upon a vote being taken thereon,the following voted <br /> in favor thereof Mayor Gardner,Council Members Clement,Ronning and Sells and the following <br /> voted against the same: Council Member Pederson <br /> Whereupon the resolution was declared duly passed and adopted. <br /> 11 <br /> 72511616v1 <br />