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• Lessee) in respect of property or borrowed money used or to be used for a trade or business <br /> carried on by any person other than a governmental unit. <br /> Section 5.No portion of the gross proceeds of the Agreement are used (directly or indirectly) <br /> to make or finance loans to persons other than governmental units. <br /> Section 6. Lessee hereby designates the Agreement as a qualified tax-exempt obligation for <br /> purposes of Section 265(b)of the Code. <br /> Section 7. In calendar year Lessee has designated <br /> $ q& (oka Op of tax-exempt obligations (including the Agreement) as <br /> qualified tax-exempt obligations. including the Agreement herein so designated, Lessee will not <br /> designate more than $10,000,000 of obligations issued during calendar year O 1/ as <br /> qualified tax-exempt obligations. <br /> Section 8. Lessee reasonably anticipates that the total amount of tax-exempt obligations <br /> (other than private activity bonds)to be issued by Lessee during calendar year will <br /> not exceed$10,000,000. <br /> Section 9. For purposes of this resolution, the amount of Tax-exempt obligations stated as <br /> either issued or designated as qualified tax-exempt obligations includes tax-exempt obligations <br /> issued by all entities deriving their issuing authority from Lessee or by an entity subject to <br /> substantial control by Lessee,as provided in Section 265(b)(3)(E) of the Code. <br /> Section 10.The assessed value of taxable property located within the municipality or county <br /> is$ (���Jr��, �Id 4� as determined by the last completed tax assessment. <br /> Section 11. The aggregate principal amount of short-term financing obligations incurred by <br /> Lessee, including the obligations under the Agreement, does not exceed five percent (51/6), if <br /> Lessee is a municipality, or two and one-half percent (2A'/2%), if Lessee is a county, of the <br /> assessed value of taxable property located within the municipality or county, as determined by <br /> the last completed tax assessment. <br /> Section 12. The Authorized Officer is further authorized for and on behalf of the Governing <br /> Body and the Lessee to do all things necessary in furtherance of the obligations of the Lessee <br /> pursuant to the Agreement, including execution and delivery of all other documents necessary or <br /> appropriate to carry out the transactions contemplated thereby in accordance with the terms and <br /> provisions thereof. <br /> Adopted this 25th day of April, 2011 <br /> /LL-4 <br /> Rick Elumba ayor <br /> Attest: <br /> A'r) � <br /> Denise M. Johnston, City Clerk <br />