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within the meaning of Section 265 (b) (3) of the Code and hereby <br /> 411 determines that: <br /> (a) the reasonably anticipated amount of tax-exempt <br /> obligations (other than private activity bonds, treating <br /> qualified 501 (c) (3) bonds as not being private activity bonds) <br /> which will be issued by the Authority (and all entities <br /> subordinate to, or treated as one issuer with, the Authority) <br /> during calendar year 1997 will not exceed $10, 000, 000; and <br /> (b) not more than $10, 000, 000 of obligations issued or to <br /> be issued by the Authority during calendar year 1997 have been <br /> designated for purposes of Section 265 (b) (3) of the Code. <br /> The Authority shall use its best efforts to comply with any <br /> federal procedural requirements which may apply in order to <br /> effectuate the designation made by this paragraph. <br /> 12 . Modifications to Documents . The approval hereby given <br /> to the various documents referred to above includes approval of <br /> such additional details therein as may be necessary and <br /> appropriate and such modifications thereof, deletions therefrom <br /> and additions thereto as may be necessary and appropriate and <br /> approved by the officials authorized herein to execute said <br /> documents prior to their execution; and said Authority officials <br /> are hereby authorized to approve said changes on behalf of the <br /> Authority. The execution of any instrument by the appropriate <br /> officer or officers of the Authority herein authorized shall be <br /> conclusive evidence of the approval of such documents in <br /> accordance with the terms hereof. In the absence of the <br /> President or Secretary any of the documents authorized by this <br /> resolution to be executed by the Acting President or the Acting <br /> Secretary, respectively. <br /> Adopted on November 10, 1997, by the Board of Commissioners <br /> of the Elk River Economic Development Authority. <br /> The motion for the adoption of the foregoing resolution <br /> was duly seconded by Commissioner , and upon vote <br /> being taken thereon the following Commissioner voted in favor <br /> thereof : <br /> and the following voted against the same: <br /> whereupon said resolution was declared duly passed and adopted. <br /> 368962.1 5 <br />