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• WHEREAS, the Authority has requested such an allocation <br />for the Bonds; and <br />WHEREAS, the City Council has determined that such desig- <br />nation and allocation would be in the best interest of the City <br />and its citizens; <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />CHARLOTTESVILLE, VIRGINIA: <br />1. The City hereby designates the Bonds as "qualified <br />tax-exempt obligations" for the purpose of Section 265(b)(3) of <br />the Code, provided that the Bonds are issued in calendar year <br />ELIY�� <br />2. The City, hereby covenants and represents as follows: <br />• (a) The City will in no event designate more than <br />$10,000,000 of obligations as "qualified tax-exempt obligations" <br />• <br />in 1988, including the Bonds, for the purpose of such Section <br />265(b)(3); <br />(b) The City and all its "subordinate" entities <br />(within the meaning of Section 265(b)(3) of the Code) have not <br />issued more than $10,000,000 of tax-exempt obligations in 1988 <br />(not including "private activity bonds" as defined in Section 141 <br />of the Code other than "qualified 501(c)(3) bonds" as defined in <br />Section 145 of the Code), including the Bonds; and <br />(c) Barring circumstances unforeseen as of the date <br />hereof, the City will not issue tax-exempt obligations itself or <br />approve the issuance of tax-exempt obligations of any such <br />-3- <br />