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• of the Internal Revenue Code of 1986, as amended), including <br />$2,364,000 of the Bonds; <br />(b) 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 of such <br />subordinate entities if the issuance of such tax-exempt obliga- <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 $5,000,000 of tax-exempt obligations <br />in 1988 (not including private activity bonds), including <br />$2,364,000 of the Bonds; and <br />is <br />(c) The City has no reason to believe that the City <br />and such subordinate entities will issue tax-exempt obligations <br />• <br />in 1988 in an aggregate amount that will exceed such $5,000,000 <br />limit including $2,364,000 of the Bonds; <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 (b) or (c) above will not prevent the Au- <br />thority from having to rebate to the United States any part of <br />the earnings derived from the investment of the gross proceeds of <br />the Bonds, the City need not comply with such restriction. <br />5. This resolution shall take effect immediately. <br />-5- <br />