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Notes shall be sold at the par value thereof by the Director of Finance at private sale at an interest rate not exceeding that specified in Section 3 of this ordinance and in accordance with the best interests and welfare of the City; and the Director of Finance is hereby author- ized and directed to deliver the Notes, when executed, to the original purchaser or purchasers thereof upon payment of the purchase price. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which the Notes are being issued under the provisions of this ordinance. Any premium and accrued interest shall be transferred to the Bond Retirement Fund to be applied to the payment of the princi- pal of an interest on the Notes in the manner provided by law. The City hereby covenants that it will restrict the use of the proceeds of the No~es in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time of the delivery of any payment for the Notes, so that the Notes will not constitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the applicable income tax regulations under that Sec- tion. The fiscal officer or any other officer, including the Clerk of Council, having responsibility for issuing said Notes is authorized and' directed, alone or in conjunction with any of the foregoing or with any other officer, employee, or consultant of the City, to give an appropri- ate certificate of the City's reasonable ex,,ectations, as of the date of delivery of the Notes, for inclusion in the transcript of proceedings, which shall state (in brief and summary terms) the facts and estimates on which the City's reasonable expectations as to future events are based and state that, to the best of the knowledge and belief of the certifying officer, the City's expectations are reasonable. -3-