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more than $10,000,000 of "qualified tax-exempt obligations" being issued; (b) that the City reasonably anticipates that the amount of tax-exempt obligations issued, during the calendar year in which the Notes are 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 Notes will not be considered "private activity bonds" within the meaning of section 141 of the Code. (g) Reimbursement. This Ordinance is intended to satisfy the official intent requirements set forth in section 1.150-2 of the Treasury Regulations. All costs to be reimbursed pursuant to this Ordinance will be capital expenditures and the Notes shall be issued within 18 months of the later of (i) the date the expenditures are paid or (ii) the date on which the property, with respect to which such expenditures were made, is placed in service; and the foregoing notwithstanding, the Notes will not be issued pursuant to this Ordinance on a date that is more than three years after the date any expenditure which is to be reimbursed is paid. Section 10. SALE OF NOTES AND APPROVAL OF OFFICIAL STATEMENT; FURTHER PROCEDURES; APPLICATION OF PREMIUM FROM SALE OF NOTES. (a) The Notes are hereby sold and shall be delivered to _„mmmm (the "Underwriter") for the purchase price of $ (representing the aggregate principal amount of the Notes, plus a [net] reoffering premium of $ , less an underwriter's discount of $�, plus accrued interest in the amount of $ The Notes shall initially be registered in the name of the Underwriter or its designee. (b) The Notes are sold pursuant to the terms and provisions of a Bond Purchase Agreement, in substantially the form presented at this meeting, which the Authorized Officers, individually but not jointly, are hereby authorized to execute and deliver. It is hereby officially found, determined and declared that the terms of this sale are the most advantageous reasonably obtainable to the City. (c) The City hereby approves the form and content of the Official Statement relating to the Notes and any addenda, supplement or amendment thereto, and approves the distribution of such Official Statement in the reoffering of the Notes by the Underwriter in final form, with such changes therein or additions thereto as any Authorized Officer may deem advisable. The distribution and use of the Preliminary Official Statement prior to the date hereof is hereby ratified and confirmed. (d) The Authorized Officers, individually or jointly, shall be and they are hereby expressly authorized, empowered and directed from time to time and at any time to do and perform all such acts and things and to execute, acknowledge and deliver in the name and under the corporate seal and on behalf of the City such documents, certificates and instruments, whether or not herein mentioned, as may be necessary or desirable in order to carry out the terms and provisions of this Ordinance, the Blanket Issuer Letter of Representations, the Notes and the sale of the Notes. In addition, prior to the delivery of the Notes, the Authorized Officers are each hereby authorized and directed to approve any changes or corrections to this Ordinance or to any of the documents authorized and approved by this Ordinance: (i) in order to cure any ambiguity, formal defect, or omission in this Ordinance or such other document, or (ii) as requested by the Attorney General or his representative to obtain the approval of the Notes by the Attorney General. 12