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entirely within the jurisdiction of the City), and (4) the <br />aggregate face amount of all tax-exempt obligations (other than <br />private activity bonds) issued by the City (and all entities <br />subordinate to, or treated as one issuer with, the City) during <br />the 1997 calendar year is not reasonably expected to exceed <br />$5,000,000, all within the meaning of Section 148(f) (4) (D) of the <br />Code. <br /> <br /> 22. Desiqnation of Qualified Tax-Exempt Obliqations. <br />The City hereby designates the Bonds as "qualified tax-exempt <br />obligations" within the meaning of Section 265(b) (3) of the Code <br />and finds that: <br /> <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 <br />bonds) which will be issued by the City (and all entities <br />subordinate to, or treated as one issuer with, the City) <br />during calendar year 1997 will not exceed $10,000,000; and <br /> <br /> (b) not more than $10,000,000 of obligations issued or <br />to be issued by the City during calendar year 1997 have been <br />designated for purposes of Section 265(b) (3) of the Code. <br /> <br />The City shall use its best efforts to comply with any federal <br />procedural requirements which may apply in order to effectuate <br />the designation made by this paragraph. <br /> <br /> 23. Defeasance. When any obligation of a Bond has <br />been discharged as provided in this paragraph, all pledges, <br />covenants and other rights granted by this Resolution to the <br />registered owner of that Bond (with respect to the obligation <br />thereof so defeased) shall, to the extent permitted by law, <br />cease. The City may at any time discharge any or all of such <br />obligation(s) with respect to any Bond, subject to the provisions <br />of law now or hereafter authorizing or regulating such action, by <br />depositing irrevocably in escrow, with a suitable institution <br />qualified by law as an escrow agent for this purpose, cash or <br />securities which are backed by the full faith and credit of the <br />United States of America, bearing interest payable at such times <br />and at such rates and maturing on such dates and in such amounts <br />as shall be required and sufficient, subject to sale and/or <br />reinvestment in like securities, to pay said obligation(s), which <br />may include any interest payment on such Bond and/or principal <br />amount due thereon at a stated maturity (or if irrevocable <br />provision shall have been made for permitted prior redemption of <br />such principal amount, at such earlier redemption date). <br /> <br /> 24. Compliance With Reimbursement Bond Requlations. <br />With respect to the Improvements, the City has complied and will <br />continue to comply with the "Reimbursement Regulations" provided <br />in United States Treasury Regulations Section 1.150-2. In <br />particular, except where the following may not be required by <br /> <br />358675.1 22 <br /> <br /> <br />