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<br /> /4' I-Jf <br /> if any, reasonably expect to issue in excess of $10,000,000 <br /> aggregate amount of tax-exempt obligations (other than obligations <br /> not taken into account pursuant to section 265(b)(3)(C)(ii» during <br /> the calendar year in which the Bonds are issued, and the city hereby <br /> covenants not to designate more than $10,000,000 aggregate amount of <br /> tax-exempt obligations as qualified tax-exempt obligations during <br /> the calendar year in which the Bonds are issued. <br /> (g) The City will not take any action or fail to take any <br /> action which would result in the Bonds being treated as "private <br /> activity bonds" within the meaning of Section 141(a) of the Code. <br /> (h) The City will not take any action or fail to take any <br /> action which would result in the Bonds being treated as "federally <br /> guaranteed" within the meaning of Section 149(b) of the Code. <br /> (i) Proper officers of the City charged with the <br /> responsibility of issuing the Bonds are hereby directed to make, <br /> execute and deliver certifications as to facts, estimates and <br /> circumstances in existence as of the Closing Date and stating <br /> whether there are any facts, estimates or circumstances that would <br /> materially change the City's current expectations. <br /> (j) The covenants and representations made or required by <br /> this Section are for the benefit of the Owners and may be relied <br /> upon by the Owners and Bond Counsel for the City. ~ <br /> ARTICLE X <br /> DEFAULT AND REMEDIES <br /> Section 10.01. Events of Default. <br /> Each of the following occurrences or events for the purpose of <br /> this Ordinance is hereby declared to be an "Event of Default," <br /> to-wit: ¡ <br /> (i) the failure to make payment of the principal of <br /> or interest on any of the Bonds when the same becomes due and <br /> payable; or <br /> (ii) default in the performance or observance of any <br /> other covenant, agreement or obligation of the Ci ty, the <br /> failure to perform which materially, adversely affects the <br /> rights of the Owners, including but not limited to, their <br /> prospect or ability to be repaid in accordance with this <br /> Ordinance, and the continuation thereof for a period of 60 <br /> days after notice of such default is given by any Owner to the <br /> City. <br /> 4417f <br /> -27- <br />