05.02 - HRA West Grove Townhome Refunding

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`.. or at such other address with respect to any such party as that party may, from time to time, designate in writing and forward to the other as provided in this Section 6.5. Section 6.6. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall constitute one and the same instrument. - Section 6.7. Recordin�. The County HRA may record thi.s Agreement and any amendments thereto with the Crow Wing County Recorder. Section 6.8. Bank Qualification. For purposes of to Section 265(b) of the Internal Revenue Code of 1986, as amended, the parties hereto irrevocably agree that there shall be allocated to the County HRA the full principal amount of the Bonds. The County HRA hereby designates the Bonds as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Code, allocated to the County HRA, pursuant to Section 265(b)(3)(C)(iii) of the Intemal Revenue Code of 1986, as amended. In that connection, the County HRA and the County make the following factual statements and representations: (a) the Bonds are not "private activity bonds" as defined in Section 141 of the Code; (b) the reasonably anticipated amount of tax-exempt obligations (other than any private activity bonds other than qualified 501(c)(3) bonds) which will be issued by the County � HR.A (and all subordinate entities of the County HRA) during calendax year 2003 will not exceed _ _ $10,000,000; and � (c) not more than $10,000,000 of obligations . issued by the County HRA during calendar year 2003 have been or will be designated for purposes of Section 265(b)(3) of the Code. Section 6.9. Small Issuer Rebate Allocation. The County hereby certifies as follows: (a) The County HRA is a subordinate entity of the County within the meaning of Section 148(fl of the Code and applicable Treasury Regulations thereunder (the "Regulations"). (b) The County irrevocably allocates a portion of the County's $5,000,000 size limitation for calendar year 2003 for the purposes of the "small issuer rebate exception" under Section 148( fl(4)(D) of the Code, which allocation is in the amount of $1,280,000. (c) The County finds that the allocation made hereunder bears a reasonable relationship to the benefits received by the County from the Bonds, taking into account the manner in which: (1) proceeds of the Bonds are to be distributed, (2) debt service on the Bonds is to be paid, (3) the Project financed by the Bonds is to be owned, (4) the use of the Project is to be shared and (5) the costs of operation and maintenance are to be shared. EMT-238666v5 14 CR195-4