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interest as set forth in Exhibit C of the Lease; said Lease to contain an option to <br /> purchase by the Lessee as therein set forth. <br /> Section 3. The Lessee's obligations under the Lease shall be expressly subject <br /> to annual appropriation by Lessee; and such obligations under the Lease shall <br /> not constitute a general obligation of Lessee or indebtedness of Lessee within the <br /> meaning of the Constitution and laws of the State of Arkansas. <br /> Section 4. All other related contracts and agreements necessary and incidental to <br /> the Lease are hereby authorized. <br /> Section 5. Lessee reasonably anticipates to issue not more than $10,000,000 of <br /> tax-exempt obligations (other than "private activity bonds" which are not <br /> "qualified 501(c)(3) bonds") during the current calendar year and hereby <br /> designates the Lease as a "qualified tax-exempt obligation" for purposes of <br /> Section 265(b) of the Internal Revenue Code of 1986, as amended. <br /> Section 6. This resolution shall take effect immediately upon its <br /> adoption and approval. <br /> ADOPTED AND APPROVED this 24th day of January, 2012. <br /> APPROVED: <br /> Rick Elumbaugh, Mayor <br /> ATTEST: <br /> Denise M. Johnston, Ci y Clerk <br />