Designation as Qualified Tax-Exempt Obligation. Pursuant to Section 265(b)(3)(B)(ii) of the Internal Revenue Code of 1986 as amended (the “Code”), the Lessee hereby specifically designates the Agreement and this Schedule as a “qualified tax-exempt obligation” for purposes of Section 265(b)(3) of the Code. In compliance with Section 265(b)(3)(D) of the Code, the Lessee hereby represents that the Lessee will not designate more than $10,000,000 of obligations issued by the Lessee in the calendar year during which the Agreement is executed and delivered as such “qualified tax-exempt obligations”.
Designation as Qualified Tax-Exempt Obligation. The Board hereby designates this Master Agreement, and the obligations of the Board to pay the Periodic Payments hereunder, as “qualified tax-exempt obligations” for purposes of paragraph (3) of subsection (b) of Section 265 of the Internal Revenue Code of 1986, as amended, as more particularly provided in the within-referenced Tax Certificate.
Designation as Qualified Tax-Exempt Obligation. The City hereby designates the Bond as a "qualified tax-exempt obligation" as defined in section 265(b)(3) of the Code. In furtherance of such designation, the City represents, covenants and warrants the following: (a) that during the calendar year in which the Bond is issued, the City (including any subordinate entities) has not designated nor will designate bonds, which when aggregated with the Bond, will result in more than $10,000,000 of "qualified tax-exempt bonds" being issued; (b) that the City reasonably anticipates that the amount of tax-exempt obligations issued, during the calendar year in which the Bond is issued, by the City (or any subordinate entities) will not exceed $10,000,000; and, (c) that the City will take such action or refrain from such action as necessary, and as more particularly set forth in this Section, in order that the Bond will not be considered a "private activity bonds" within the meaning of section 141 of the Code.
Designation as Qualified Tax-Exempt Obligation. Lessee hereby designates the Agreement as a "qualified tax-exempt obligation" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986 as amended.
