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Section 4. That such Notes shall be executed by the Mayor and <br /> <br />Director of Finance provided t~at one of such signatures may be a facsimile <br />signature and bear the seal of the corporation or a facsimile thereof. The <br />Notes shall express upon their faces the purpose for which they are issued and <br />that they are issued pursuant to this ordinance. <br /> <br /> Section 5. Subject to the rejection of the Notes by the Director <br /> <br />of Finance for investment in the Bond Retirement Fund, the Notes shall be sold <br />a~'~he par value thereof by the Director of Finance at an interest rate not <br />exceeding that specified in Section 3 of this ordinance and in accordance with <br />the best interests and welfare of the City; and the DireCtor of Finance is hereby <br />authorized and diremted to deliver the Notes, when executed, to the original <br />purchaser or purchasers thereof upon payment of the purchase price. The proceeds <br />of such sale shall be paid into the proper fund and used for the purpose for <br />which the Notes are being issued under the provisions of this ordinance. Any <br />premium and accrued interest shall be transferred to the Bond Retirement Fund <br />to be applied to the payment of the principal of and interest on the Notes in <br />the manner provided by law. <br /> <br /> The City hereby covenants that it will restrict the use of the proceeds <br />of the Notes in such manner and to such extent, if any, as may be necessary after <br />taking into account reasonable expectations at the time of the delivery of any <br />payment for the Notes so that the Notes will not constitute arbitrage bonds under <br />Section 103(c) of the Internal Revenue Code and the applicable income tax regula- <br />tions under that Section. The fiscal officer or any other officer, including <br />the Clerk, having responsibility for issuing said Notes is authorized and directed, <br />alone or in conjunction with any of the foregoing or with any other officer, <br />employee, or consultant of the City, to give an appropriate certificate of the <br />City's reasonable expectations, as of the date of delivery of the Notes, for in- <br />clusion in the transcript of proceedings, which shall state (in brief and summary <br />terms) the facts and estimates on which the City's reasonable expectations as to <br /> <br />-3- <br /> <br /> <br />