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<br />5 <br /> <br />(ii) Registration. The City shall take all necessary action <br />to have the Warrants registered within the meaning of section <br />149(a} of the IRe and any regulations promulgated thereunder. <br /> <br />(iii) Federal Guarantee Prohibition. The City shall not take <br />any action or permit or suffer any action to be taken tf the result <br />of the sarne would be to cause the Warrants to be n federally <br />guaranteed" within the meaning of section 149 (b) of the IRC and any <br />regulations promulgated thereunder. <br /> <br />(iv) Information Reporting. The City shall timely file a <br />federal information return with respect to the Warrants as required <br />by section 149 (e) of the IRe. <br /> <br />Notwithstanding any provision of this paragraph, the City may <br />rely conclusively on an opinion of bond counsel in complying, or in <br />any deviation from complying, with the provisions hereof. <br /> <br />The City hereby designates all of the Warrants to be <br />"qualified tax exempt obligationsn for purposes of section <br />265 (b) (3) of the IRC. The City hereby certifies that the <br />reasonably anticipated amount of qualified tax-exempt Obligations <br />which will be issued by the City during 1994 does not exceed <br />$10,000,000. <br /> <br />Section 16: Enterprise. <br /> <br />The Project shall be and is hereby determined to be a <br />government-owned business authorized to issue its own revenue <br />bonds. The City hereby covenants and agrees that at no time shall <br />the Project receive 10% or more of its annual revenues in grants <br />from all Colorado state and local governments combined. For <br />purposes of the foregoing, transfers to the Project from ad valorem <br />"taxes or from funds or accounts of the City other than the Sewer <br />Fund shall be considered a grant unless, in the opinion of counsel, <br />such transfer would not violate the provision of Article X, Section <br />20 of the Constitution of the State of Colorado. <br /> <br />Section 17: Emergency Declared. <br /> <br />By reason of the need for the project, the necessity to <br />provide for the issuance of the Warrant to allow for the <br />construction of the project and the necessity to have such <br />financing accomplished as soon as possible, it is hereby declared <br />that an emergency exists and this Ordinance is necessary to the <br />immediate preservation of the public peace, health, safety and <br />welfare. <br /> <br />900~ <br /> <br />V.L13<I dO UI;) <br /> <br />9LL8 tL8 OL6 XVd OZ:81 66/LO/Z1 <br />