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('I <br />'}> <br />« <br />14. The officers of the City are hereby authorized and directed to prepare <br />and furnish to the Secretary of the Treasury a statement meeting the information reporting <br />requirements of Section 149(e) of the Internal Revenue Code of 1986, as amended (the <br />**Code"), by the ISth day of the second calendar month after the close of the calendar quarter <br />in which the Bonds are issued. <br />15. The City shall not take or permit any action that would cause the Bonds <br />to be ^'private activity bonds ” within the moaning of Section I4I of the Code. The City shall <br />comply with the rebate requirements imposed under Section 148(0 of the Code and <br />regulations thereunder, including (if applicable) the requirement to make periodic <br />calculations of the amount subject to rebate thereunder and the requirement to make all <br />required rebates to the United States. The City Clerk and City Administrator of the City is <br />hereby authorized to make on behalf of the City all elections that they may deem necessary <br />and expedient under Section 148 of the Code. In addition, the City shall make no investment <br />of ftmds that would cause the Bonds to be “arbitrage bonds ” within the meaning of Section <br />148 of the Code and regulations thereunder. All terms used in this paragraph 15 shall have <br />the meanings provided in the Code and regulations thereunder. <br />16. The Bonds are hereby designated qualified tax exempt obligations for <br />purposes of Section 265(bX3) of the Code. <br />17. The Prior Bonds are called for redemption and prior payment on <br />August 1,2003 and the Clerk shall give notice thereof as required by law and the terms of the <br />Prior Bonds. In addition to the proceeds of the Bonds, funds available in the accounts <br />maintained for the Prior Bonds are appropriated for that purpose. <br />18. The City Clerk shall furnish a certified copy of this resolution to the <br />County Auditor of Hennepin County, and obtain the County Auditor's certificate as required <br />by law. <br />The motion for the adoption of the foregoing resolution was duly seconded by <br />Member______________upon vote being taken thereon the following vot^ in favor <br />thereof: <br />and the following voted against the same: <br />whereupon said resolution was declared duly passed and adopted.