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calendar year 1999 which would cause the $10,000,000 limitation of Section 265(b)(3)(D) of the <br />Code to be violated. <br /> <br /> The Council intends for the Notes to be treated as complying with the provisions of <br />Section 148(f)(4)(D) of the Code, which provides an exception from the "rebate requirement," as <br />the Notes (1) are issued by the City, which is a governmental unit with general taxing powers, (2) <br />no bond which is a part of this issue is a private activity bond, (3) 95% or more of the net <br />proceeds of this issue are to be used for local governmental activities entirely within the <br />jurisdiction of the City, and (4) the aggregate face amount of all tax-exempt notes and bonds <br />(other than private activity bonds and bonds deemed designated pursuant to the provisions of <br />§148(f)(4)(D)(iii) and (v) of the Code) issued by the City during the calendar year 1999 (and <br />notes and bonds issued by any subordinate entity of the City) is not reasonably expected to <br />exceed $5,000,000 except that, pursuant to the provisions of Section 148(f)(4)(D)(vii) of the <br />Code, this amount of $5,000,000 is increased by the lesser of $5,000,000 Or so much of the <br />aggregate face amount of all tax-exempt bonds (other than private activity bonds) issued by the <br />City during the calendar year 1999 (and notes'and bonds issued by any subordinate entity of the <br />City) attributable to financing the construction (within the meaning of Section 148(f)(4)(C)(iv) of <br />the Code) of public school facilities, as are the proceeds of the Notes. <br /> <br />Section 16 - Approval of Official Statement and Other Documents; Further Actions <br /> Authorized <br /> <br /> The Official Statement with respect to the issuance and sale of the Notes is hereby <br />approved in substantially the form of the Preliminary Official Statement made available at this <br />meeting. The Mayor or Vice Mayor is authorized and directed to execute the Official Statement <br />with respect to the issuance and sale of the Notes in substantially the form of the draft Official <br />Statement made available at this meeting with such changes or supplements as such officers and <br />agents may consider necessary or desirable in connection therewith and such Official Statement <br />is approved. The distribution of the Preliminary Official Statement and the Official Statement is <br />hereby authorized. The forms of the Note Purchase Agreement, Continuing Disclosure <br />Agreement and Compliance Certificate presented to this meeting are hereby approved, and the <br />Mayor, Vice Mayor and City Manager, or any of them, are authorized and directed to consent to <br />the terms of the sale of the Notes and to execute and deliver the Note Purchase Agreement, <br />Continuing Disclosure Agreement and Compliance. Certificate. The Mayor, Vice Mayor, Clerk of <br />the Council and the City Manager, City Treasurer, City Attorney, Bond Counsel and all other <br />officers, employees and agents of the City are hereby authorized and directed to take any and all <br />such further action as shall be deemed necessary or desirable in order to effectuate delivery of, <br />and payment for, the Notes all in accordance with the Ordinance. The signature of such officers <br />or employees shall be conclusive evidence of the approval of any such action by the Council. <br /> <br />17 <br /> <br /> <br />