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<br /> estimates, and circumstances known on the Closing Date, would result <br /> in constituting the Bonds "arbitrage bonds," within the meaning of <br /> Section 148 of the Code, and the City will not take any deliberate <br /> action motivated by arbitrage that would have such result. <br /> (c) The Bonds are hereby designated "Qualified Tax Exempt <br /> Obligations" for purposes of Section 265(b)(3) of the Code. The <br /> Bonds are not "private activity bonds" as defined in the Code and <br /> neither the City nor any of its subordinate entities, if any, <br /> reasonably expect to issue in excess of $10,000,000 aggregate amount <br /> of Qualified Tax Exempt Obligations during the calendar year in <br /> which the Bonds are issued, and the City hereby covenants not to <br /> designate more than $10,000,000 aggregate amount of Qualified Tax <br /> Exempt Obligations during this calendar year .in which the Bonds are <br /> issued. <br /> (d) The City will comply with the provisions of Section 148 <br /> of the Code that relate to the rebate to the United States of excess <br /> arbitrage earnings. <br /> (e) 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 /> Section 10.10. Additional Certifications. Proper officers of <br /> the City charged with the responsibility of issuing the Bonds are <br /> hereby directed to make, execute and deliver certifications as to <br /> facts, estimates and circumstances in existence as of the Closing <br /> Date and stating whether there are any facts, estimates or <br /> circumstances that would materially change the City's current <br /> expectations. <br /> Section 10.11. Benefit of Covenants. The covenants and <br /> representations made or required by this Article are for the benefit <br /> of the Holders and may be relied upon by the Holders and bond <br /> counsel for the City. <br /> ARTICLE XI <br /> DEFAULT AND REMEDIES <br /> Section II. 01. Events of Default. <br /> <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 /> 4172f <br /> -31- <br />