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r <br /> Section 14. Designation as Qualified Tax-Exempt Obliqations <br /> The City Council recognizes that Section 265(b) (3) of <br /> the Code provides that a "qualified tax-exempt obligation" as <br /> therein defined may be treated by certain financial institutions <br /> as if it were acquired on August 7, 1986 for certain purposes. <br /> The Council hereby designates each of the Bonds as may be from <br /> time to time outstanding for purposes of Section 265(b) ( 3) of the <br /> Code as a "qualified tax-exempt obligation" as provided <br /> therein. In support of such designation, the Council covenants, <br /> represents, and certifies as follows: <br /> (a) the bonds are not "private activity bonds" as <br /> defined in Section 141(a) of the Code, <br /> (b) including the Bonds, the City (including any <br /> entities subordinate thereto) has not and does not reasonably <br /> expect to issue in excess of $10,000,000 in qualified tax-exempt <br /> obligations (other than private activity bonds) during the <br /> calendar year of issuance of the Bonds, and <br /> (c) including the Bonds, not more than $10,000,000 of <br /> obligations issued by the City (including any entities sub- <br /> ordinante thereto) during the calendar year of issuance of the <br /> Bonds have been to date or will be designated by the City for <br /> purposes of Section 265(b) (3) . <br /> Section 15. Further Tag Covenants <br /> The City agrees to comply with all provisions of the <br /> present Code which, if not complied with by the City, would cause <br /> -26- <br />