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<br />. <br /> <br />. <br /> <br />. <br /> <br />Resolution (continued) <br />Page Two <br /> <br />(ii) obligations issued to refund (or which are part of <br />a series of obligations issued to refund) obligations issued <br />before August 8, 1986, which were not industrial development <br />bonds (as defined in Section 103(b) (2) of the federal <br />Internal Revenue Code of 1954, as amended, as in effect on <br />the day before the date of enactment of the federal Tax <br />Reform Act of 1986) or a private loan bond (as defined in <br />Section 103(0) (2) (A) as so in effect, but without regard to <br />any exemption from such definition other than Section <br />103 (0) (2) (A)); <br /> <br />(c) the Issuer hereby designates the Bonds as <br />"qualified tax-exempt obligations" for purposes of Section <br />265(b) (3) of the Code; <br /> <br />(d) the amount of tax-exempt obligations (other than <br />private activity bonds, treating qualified 501(c) (3) bonds as not <br />being private activity bonds) which were issued in 1986 by the <br />Issuer (and all entities treated as one issuer with the Issuer, <br />and all subordinate entities thereof) during calendar year 1986 <br />did not exceed $10,000,000; and <br /> <br />(e) not more than $10,000,000 of obligations issued <br />by the Issuer during calendar year 1986 have been designated for <br />purposes of Section 265(b) (3) of the Code. <br /> <br />2. Notice. Notice of the above designation shall be <br />communicated to the United States Department of the Treasury or <br />the United States Internal Revenue Service if and as may be <br />required to give it effect. <br /> <br />Passed and adopted this 9th day of January, 1989, by the Elk <br />River City Council. <br /> <br />J-------- /? /7 <br />,J~~ Il .t~-~ <br /> <br />James A. Tralle, Mayor <br /> <br />ATTEST: <br /> <br />a/j?~ <br /> <br />Patrick D. Klaers, City Administrator <br />