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WHEREAS, the United States government has authorized <br /> the several states and their political subdivisions to issue <br /> mortgage credit certificates ( the "Certificates" ) pursuant to <br /> Section 25 of the Internal Revenue Code of 1986, as amended ( the <br /> "Code" ) in lieu of qualified mortgage bonds as defined in Section <br /> 143 (a) of the Code ( "Qualified Mortgage Bonds" ) which entitle <br /> qualifying individuals to a credit against their individual <br /> federal income tax; and <br /> WHEREAS, in furtherance of its home rule powers, the <br /> Municipality hereby finds and determines that it is necessary and � <br /> desirable and will provide for and promote the public health, <br /> safety and welfare of the citizens of the Municipality to estab- <br /> lish and implement a qualified mortgage credit certificate pro- <br /> gram and to issue Certificates; and <br /> WHEREAS, in order to provide for the issuance of the <br /> Certificates it is necessary for the Municipality to authorize �'� <br /> the execution of the following described documents in substan- �I <br /> tially the forms before this meeting : <br /> ( 1) an Administration Agreement ( the "Administration <br /> Agreement" ) , among the Municipality, George K. Baum & Company, as <br /> Program Administra��or, and a Local Administrator (as defined <br /> therein) ; and <br /> ( 2) a form of Mortgage Credit Certificate Election of <br /> the Municipality, as more particularly described in Section 9 <br /> hereof ( the "Election" ) . <br /> -2- <br />