01-92 Sanitary Sewer Bonds $6,500,000

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of said years are certified, extended and collected. The Levy shall be Placed before and in preference t° all . items an~ for the full amount thereof.. The funds representing Pledged.Receipts from the Levy hereby required shall be placed pending their deliverY to the Fiscal Agent as Paying Agent in a separate and diStinct fund or account of the Issuer which, together with the interest calculated on the same, shall be pledged for the payment of Bond Service Charges on the Series 1992 Bonds, when and as the same falls due, and in accordance with this Series Legislation and the General Bond Legislation. Section 8. It is hereby determined and recited that all acts, conditions and things necessary to be done precedent to and in the issuing of the Series 1992 Bonds in order to make them legal, valid and binding special obligations of the Issuer, will have been done and performed in regular and due form as required by law; and that no limitation of indebtedness or taxation, either ~tatutory or constitutional, will have been exceeded in the issuance of said Series 1992 Bonds. Section 9. The Clerk of Council is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 10. The Fiscal Officer and the Director of Public Works of the Issuer, or either of them, are authorized to prepare, execute and deliver to the Original Purchaser of the Series 1992 Bonds a final Official Statement or any other appropriate disclosure dOcument in connection with the sale and delivery of the Series 1992 Bonds. The 'use and distribution of the preliminary Official Statement substantially in the form on file th the Clerk of Council in connection with the sale of the Series 92 Bonds is hereby authorized and approved. Section 11. The Legislative Authority hereby authorizes the Fiscal Officer to make application for, and, if he determines it to be in the best interests of and financial advantage to the Issuer to purchase, with respect to the Series 1992 Bonds, a municipal bond insurance policy and ~ereby ratifies any application made. Reasonably standard provisions pertaining to such insurance policy and reasonable changes to the Fiscal Agent Agreement, as hereinafter defined, relating to such insurance policy shall be approved by the officers executing the Fiscal Agent Agreement, which approval shall be evidenced by their execution thereof. In connection with obtaining such a municipal bOnd insurance policy, the Legislative Authority hereby determines that it is impractical to purchase such insurance with formal competitive bidding and that it is cost--effective and in the best interests of the Issuer to purchase such insurance without formal competitive bidding; provided, however, that the Fiscal Officer -11-