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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION 89 - 5 <br /> <br />A RESOLUTION FOR THE CITY OF ELK RIVER <br /> <br />A RESOLUTION DESIGNATING CERTAIN BONDS ISSUED <br />IN 1986 AS "QUALIFIED TAX-EXEMPT OBLIGATIONS" <br /> <br />A. WHEREAS, the City of Elk River, Minnesota (the <br />"Issuer"), issued its $1,975,000 General Obligation Improvement <br />Bonds August 28, 1986, (the "Bonds") after August 7, 1986, the <br />effective date of the federal Tax Reform Act of 1986; and <br /> <br />B. WHEREAS, when the Bonds were issued, the Issuer made a <br />designation that it intended to qualify under Section 802 (e) (3) <br />of H.R. 3838 of the 99th Congress as passed by the House of <br />Representatives; and <br /> <br />C. WHEREAS, for the Bonds to get the benefit of being <br />designated as "qualified tax-exempt obligations" under Section <br />265(b} (3) of the federal Internal Revenue Code of 1986, as <br />amended (the "Code"), it is necessary that the Issuer designate <br />the Bonds pursuant to subparagraph (B) of Section 1009(b} (3) of <br />the federal Technical and Miscellaneous Revenue Act of 1988 <br />("Tamra") and Section 265(b} (3) of the Code; and <br /> <br />D. WHEREAS, the Bonds qualify for such designation <br />because they are not private activity bonds (or, if private <br />activitiy bonds, are qualified 501(c) (3) bonds, or refund bonds <br />which were not industrial development bonds or private loan <br />bonds}, the Issuer with respect to bonds issued in 1986 is a <br />"qualified small issuer" of $10,000,000 or less of bonds, and not <br />more than $10,000,000 of bonds issued in 1986 have been <br />designated: <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the <br />City of Elk River, Minnesota, as follows: <br /> <br />1. Designation of Qualified Tax-Exempt Obliqations. <br />In order to qualify the Bonds as "qualified tax-exempt <br />obligations" within the meaning of Section 265(b} (3) of the Code, <br />the Issuer hereby makes the following factual statements and <br />representations: <br /> <br />(a) the Bonds were issued after August 7, 1986: <br /> <br />(b) the Bonds are not "private activity bonds" as defined <br />in Section 141 of the Code, or, if private activity bonds, they <br />are: <br /> <br />(i) qualified 501(c} (3) bonds as defined in Section <br />145 of of the Code, or <br />