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• subordinate entities if the issuance of such tax-exempt obliga- <br />• <br />tions would, when aggregated with all other tax-exempt obliga- <br />tions theretofore issued in 1988 by the City and such subordinate <br />entities, result in the City and such subordinate entities having <br />issued a total of more than $10,000,000 of tax-exempt obligations <br />in 1988 (not including private activity bonds other than quali- <br />fied 501(c)(3) bonds), including $2,364,000 of the Bonds; and <br />(d) The City has no reason to believe that the City <br />and its subordinate entities will issue tax-exempt obligations in <br />1988 in an aggregate amount that will exceed such $10,000,000 <br />limit; <br />provided, however, that if the City receives an opinion of na- <br />tionally recognized bond counsel that compliance with any re- <br />striction set forth in (a) or (c) above is not required for the <br />Bonds to be qualified tax-exempt obligations, the City need not <br />comply with such restriction. <br />3. The City, hereby allocates $2,364,000 of the City's <br />$5,000,000 annual bond limit for the purpose of the Small -Issuer <br />Rebate Exception to the Authority for the Bonds, provided that <br />the Bonds are issued in calendar year 1988. <br />4. The City hereby covenants and represents as follows: <br />(a) The City and all its "subordinate" entities, <br />within the meaning of Section 148(f)(4)(iii) of the Code, have <br />not issued more than $5,000,000 of tax-exempt obligations in 1988 <br />(not including "private activity bonds" as defined in Section 141 <br />-4- <br />