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<br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />(c) the city hereby designates the Bonds as "qualified <br />tax-exempt obligations" for purposes of Section 265(b) (3) of <br />the Code; <br /> <br />(d) the reasonably anticipated amount of tax-exempt <br />obligations (other than (1) private activity bonds, treating <br />qualified 501(c) (3) bonds as not being private activity <br />bonds, and (2) other bonds described in section <br />265(b) (3) (C) (ii) of the Code) which will be issued by the <br />City (and all entities subordinate to, or treated as one <br />issuer with, the City) during calendar year 1993 will not <br />exceed $10,000,000; and <br /> <br />(e) not more than $10,000,000 of obligations issued or <br />to be issued by the City during calendar year 1993 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 />25. 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 />26. 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 1.103-18, and any <br />successor regulations as may be applicable, including Section <br />1.150-2. In particular, to the extent that any of the proceeds <br />of the Bonds will be used to reimburse the City for a cost of the <br />Improvements theretofore paid and temporarily financed by the <br /> <br />246005 <br /> <br />24 <br />