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of the second calendar month after the close of the calendar quarter in which the Bonds are <br />issued. <br />15. The City shall not take or permit any action that would cause the Bonds to be <br />"private activity bonds" within the meaning of Section 141 of the Code. The City shall comply <br />with the rebate requirements imposed under Section 148(f) of the Code and regulations <br />thereunder, including (if applicable) the requirement to make periodic calculations of the amount <br />subject to rebate thereunder and the requirement to make all required rebates to the United <br />States. The City Clerk of the City is hereby authorized to make on behalf of the City all <br />elections that she may deem necessary and expedient under Section 148 of the Code. In <br />addition, the City shall make no investment of funds that would cause the Bonds to be "arbitrage <br />bonds" within the meaning of Section 148 of the Code and regulations thereunder. All terms <br />used in this paragraph 15 shall have the meanings provided in the Code and regulations <br />thereunder. <br />16. The Bonds are hereby designated as qualified tax exempt obligations pursuant to <br />Section 265(b)(3) of the Code. <br />17. The City Clerk shall furnish a certified copy of this resolution to the County <br />Auditor of Hennepin County, and obtain the County Auditor's certificate as required by law. <br />18. The Refunded Bonds shall be called for prior redemption on or about February 1, <br />2017, and the Clerk shall give notice thereof as required by law and the terms of the Refunded <br />Bonds. <br />19. The City hereby authorizes the Purchaser to forward the amount of Bond proceeds <br />allocable to the payment of issuance expenses to Ehlers & Associates, Inc. on the closing date for <br />further distribution as directed by the Purchaser. <br />The motion for the adoption of the foregoing resolution was duly seconded by Member <br />upon vote being taken thereon the following voted in favor thereof: <br />and the following voted against the same: <br />whereupon said resolution was declared duly passed and adopted. <br />11 <br />SALE RESOLUTION <br />