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<br />. <br /> <br />. <br /> <br />. <br /> <br />(b) the City hereby designates the Note as a qualified tax-exempt obligation <br />for purposes of Section 265(b)(3) of the Code; <br /> <br />(c) the reasonably anticipated amount of tax-exempt obligations (other than <br />obligations described in clause (ii) of Section 265(b)(3)(C) of the Code) which will be <br />issued by the City (and all entities whose obligations will be aggregated with those of the <br />City) during the calendar year 2005 will not exceed $10,000;000; and <br /> <br />(d) not more than $10,000,000 of obligations issued by the City during the <br />calendar year 2005 have been designated for purposes of Section 265(b )(3) of the Code. <br /> <br />3.5 Effective Date. This resolution shall take effect immediately upon adoption. <br />Adopted by the City Council of City of Elk River, Minnesota, this 21 st day of March, <br /> <br />2005. <br /> <br />~~ <br /> <br />Attest: . <br />~,J~ <br /> <br />City Cf6r~1 <br />- / <br />\J <br /> <br />1743229v4 <br /> <br />6 <br />