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Section 21. Designation of Qualified Tax-Exempt Obligations. In order to qualify the Series 2016A Bonds as "qualified tax exempt obligations" within the meaning of Section 265(b)(3) of the Code, the Commission hereby makes the following factual statements and representations: (a) the Series 2016A Bonds are issued after August 7, 1986; (b) the Series 2016A Bonds are not "private activity bonds" as defined in Section 141 of the Code; (c) the aggregate face amount of the issue of the Series 2016A Bonds is not greater than$10,000,000; (d) the Commission hereby designates the Series 2016A Bonds as "qualified tax exempt obligations"for purposes of Section 265(b)(3) of the Code; (e) 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 treated as one issuer with the City, and all subordinate entities whose obligations are treated as issued by the City) during this calendar year 2016 will not exceed $10,000,000; and (f) not more than $10,000,000 of obligations issued by the City during this calendar year 2016 have been designated for purposes of Section 265(b)(3) of the Code. The Commission shall use its best efforts to comply with any federal procedural requirements which may apply in order to effectuate the designation made by this section. Section 22. Official Statement. The Official Statement relating to the Series 2016A Bonds, prepared and distributed by Springsted is hereby approved and the officers of the Commission are authorized in connection with the delivery of the Series 2016A Bonds, to sign such certificates as may be necessary with respect to the completeness and accuracy of the Official Statement. Section 23. Effective Date. This Resolution, having been concurred in by the City Council by resolution adopted May 16, 2016, shall be effective immediately. 20 479938v3 JSB EL185-41