22-90 1988 Street Improvement Bonds $202,500

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amount of such tax shall be reduced by the amount of such revenues so available and appropriated. Section 8. It is hereby determ/ned that all acts, conditions and things necessary to be done precedent to and in and for the issuing of said Bonds in order to make them legal, valid and binding obligations of the City have been performed in regular and due form as required by law; that the full faith, credit and revenue of said City shall be and are hereby irrevocably pledged for the prompt payment of the principal and interest thereof at maturity; and that no limitation of indebtedness or taxation, either statutory or constitutional, will be exceeded in issuing said Bonds. Section 9. The City covenants that it will restrict the use of the proceeds of the Bonds in such marmer and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time of the delivery of and payment for the Bonds, so that the Bonds will not constitute arbitrage bonds under Section 148(a) of the Internal Revenue Code of 1986 (the "Code") and the applicable regu- lations prescribed under that Section. The Director of Finance or any other officer having responsibility for issuing the Bonds, shall, alone or with any other officer or employee of or consultant to the City, give an appropriate certificate of the City for inclusion in the transcript or proceedings for the Bonds, setting forth the reasonable expectations of the City regarding the amount and use of all the proceeds of the Bonds and the facts and estimates on which they are based, all as of the date of delivery of and payment for the Bonds. The City covenants that it will take all actions that may be required of the City for the interest on the Bonds to be and remain excluded from gross income for federal income tax purposes, and will not take any actions which would adversely affect such exclusion, under the provisions of federal tax laws that apply to the Bonds, including the provisions of the Code and applicable amendments thereto, and will, among other acts of compliance, apply the proceeds of the Bonds, restrict the yield on investments of, or on obligations acquired with, such proceeds, make timely rebate payments to the federal government, maintain books and records, and refrain from certain uses of proceeds, all in such mmuner and if and to the extent necessary for the interest on the Bonds to be and remain excluded from gross income for federal income tax purposes; and the Director of Finance and other appropriate officers are hereby authorized and directed to take any and all such actions, make such rebate payments and make or give such reports and certifications as may be ~ppropriate to assure such exclusion of the interest. Section 10~ The Clerk of Council is hereby directed to for- ward a certified copy of this ordinance to the County Auditor. Section 11. The Mayor and Director of Finance, or either of them, are authorized to prepare, execute and deliver to the purchaser of said Bonds a preliminary and final Official Statement or any other appropriate disclosure document in connection with the sale and delivery of said Bonds. Section 12. It is found and determined that all formal actions of this Council concerning and relating to the passage of this ordinance were adopted in an open meeting of this Council, and that all,such deliberations of this Council and any of its committees that resulted in such formal action were in meetings open to the public in compliance -5-