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the Code; (3) 95% or more of the net proceeds of the 1993 Bonds were used for local governmental activities of the City; (4) the City, together with all issuers subordinate to or treated as one issuer with the City, did not issue in excess of $5,000,000 of bonds (other than private activity bonds) during calendar year 1993; (5) the average maturity date of the 1993 Refunding Bonds is not later than the average maturity date of the 1993 Bonds being refunded thereby; and (6) none of the 1993 Refunding Bonds has a maturity date which is later than 30 years after the date on which the 1993 Bonds were issued. 23. Designation of Qualified Tax-Exempt Obligations. The City hereby designates the Bonds (and hereby treats $475,000 of the 1993 Refunding Bonds and $510,000 of the 1994 Refunding Bonds as "deemed designated" under Section 265(b)(3)(D)(ii) of the Code) as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Code and further represents that: (a) 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 subordinate to, or treated as one issuer with, the City) during calendar year 2003 will not exceed $10,000,000; and (b) not more than $10,000,000 of obligations issued or to be issued by the City during calendar year 2003 have been designated for purposes of Section 265(b)(3) of the Code. 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. As indicated above, the City is treating a portion the principal amounts of the 1993 Refunding Bonds and the 1994 Refunding Bonds as "deemed designated" (but only to the extent that the same do not exceed the respective principal amounts of the 1993 Bonds and the 1994 Bonds being currently refunded thereby) pursuant to the advice of bond counsel and the provisions of Section 265(b)(3)(D)(ii) of the Code by virtue of the facts (1) that the Prior Bonds were designated by the City as qualified tax-exempt obligations pursuant to Section 265(b)(3) of the Code; (2) that such portions of the Bonds, being current refunding obligations, are not taken into account for purposes of the 2003 $10,000,000 limit, (3) the average maturity of the 1993 Refunding Bonds and the 1994 Refunding Bonds is less than the average maturity of the 1993 Bonds and the 1994 Bonds being refunded thereby, respectively; and (4) that no Bond has a maturity date which is more than 30 years after the date that the original qualified tax-exempt obligations (being the Prior Bonds) were issued. 24. Compliance With Reimbursement Bond Regulations. With respect to the Improvements, the City has complied and will continue to comply with the "Reimbursement Regulations" provided in United States Treasury Regulations Section 1.150-2. In particular, except where the following may not be required by said Regulations (e.g., with respect to certain "preliminary expenditures"), to the extent that any of the proceeds of the Nonrefunding Bonds will be used to reimburse the City for a cost of the Improvements theretofore paid and temporarily financed by the City out of other City funds, prior to the initial payment thereof (or within applicable time limits thereafter) the City has made or will have made a duly qualifying. 1580841vl 22