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WHEREAS, in order for the interest on the Bonds to be tax-exempt, Section <br /> 147(fl of the Internal Revenue Code of 1986, as amended (the "Code"), requires that an <br /> "applicable elected representative" of the governmental unit, the geographic jurisdiction <br /> of which contains the site of facilities to be financed with the proceeds of the Bonds, <br /> hold a public hearing on the issuance of the Bonds and approve the issuance of the <br /> Bonds following such hearing; and <br /> WHEREAS, the Authority has determined that the City Council is an "applicable <br /> elected representative" for purposes of holding such hearing; and <br /> WHEREAS, the Authority has requested that the City Council approve the <br /> issuance of the Bonds by the Authority in order to satisfy the public approval <br /> requirement of Section 147(fl of the Code and the requirements of Section 4 of the <br /> Agreement; and <br /> WHEREAS, notice of such public hearing has been duly given as required by the <br /> Code, and this City Council has heretofore held such public hearing at which all <br /> interested persons were given an opportunity to be heard on all matters relative to the <br /> financing or refinancing of the Project and the Authority's issuance of the Bonds <br /> therefor; and <br /> WHEREAS, it is in the public interest and for the public benefit that the City <br /> Council approve the issuance of the Bonds by the Authority for the aforesaid purposes. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL, AS <br /> FOLLOWS: <br /> Section 1. The foregoing recitals are true and correct. <br /> Section 2. The Agreement is hereby approved and the Mayor, the City <br /> Manager or the designee of either is hereby authorized and directed to execute said <br /> document, and the City Clerk or her designee is hereby authorized and directed to <br /> attest thereto. <br /> Section 3. The City Council hereby approves the issuance of the Bonds by the <br /> Authority. It is the purpose and intent of the City Council that this resolution constitute <br /> approval of the issuance of the Bonds (a) by the "applicable elected representative" of <br /> the governmental unit having jurisdiction over the area in which the Project is located in <br /> accordance with Section 147(fl of the Code and (b) by the City Council in accordance <br /> with Section 4 of the Agreement. <br /> ATTY/RE50.0003/CC RESO TEFRA MID-PEN <br /> REV:01-14-16 RL <br /> Page 2 of 4 <br />