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<br />for each of said years are certified, extended and collected. Said tax shall be
<br />placed before and in preference to all other items and for the full amotint
<br />thereof. The funds derived from said tax levy hereby required shall he placed
<br />in a separate and distinct fund, which, together with the interest collected on
<br />the same (other than~ such interest as may be required to he rebated to the
<br />federal government). shall be irrevocably pledged for the payment of the princi-
<br />pal of and interest on said Bonds when and as the sáme fall due.
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<br />SECTION 9. It is hereby determined that all acts, conditions and
<br />things necessary to be done precedent to and in and for the issuing of said Bonds
<br />in order to make them legal, valid~nd binding obligations of the City have been
<br />performed in regu-larand _due form as required by law; that the ftill faith, credit
<br />and reV,enue of said City shall be and a-re hereby irrevocably pledged for the
<br />prompt payment of the principal and interest thereof at maturity¡ and that no
<br />limitation of indebtedness or taxation, either statutory or constitutional, will
<br />be exceeded in issuing said Bonds.
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<br />SECTION 10 The City covanants that it will restrict the use of the
<br />proceeds of said Bonds in stich manner and to such extent, if any, as may be
<br />necessary so that the Bonds will not constitute arbitrage bonds under Section 148
<br />of the Internal Revenue Code of 1986, as amended (the "Code"). The Fiscal
<br />Officer, as the fiscal officer, or any other officer of thi:l City having
<br />responsibility for the issuance of the Bonds shall give an appropriate
<br />certificate_of the City, for inclusion in the transcript of proceedings for the
<br />Bonds, setting forth the reasonable expectations of the City regarding the amount
<br />and use of a~llthe proceeds of the Bonds, the facts, circumstances and estimates
<br />on which they are based, and other facts and circUmstances relevant to the tax
<br />treatment of the interest on the Bonds.
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<br />The City further covenants that it (a) will take or cause to be taken
<br />such actions that may be required of it for the interest on the Bonds to be and
<br />remain excluded from gross income £or federal income tax purposes, and (b) will
<br />not take or authorize to be taken any actions that would adversely affect that
<br />exclusion, and that it, or persons acting for it,will, among ,other acts of
<br />compliance, (i) apply the proceeds of th~ Bonds to the governmental purpose of
<br />the borrowing, (ii) restrict the yield on investment property acquired with those
<br />proceeds, (iii) make timely rebate payments to the federal government,
<br />(iv) maintain books and records and make calculations and reports, and
<br />(v) refrain from certain uses of those proceeds, all in such manner and to the
<br />extent necessary to assure such exclusion of that interest under the Code. The
<br />Fiscal Officer and other appropriate officers are authorized and directed to take
<br />any and all actions, make calculations and rebate payments, and make or give
<br />reports and certifications, as may be appropriate to assure such exclusion of
<br />that interest
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<br />SECTION 11, The Fiscal Officer, as fiscal officer of the City, is
<br />hereby directed to forward a certified copy of this ordinance to the CQùnty
<br />Auditor.
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<br />SECTION 12 It is found and determined that all formal actions of
<br />this Council Concerning and relating to the passage of this ordinance were
<br />adopted in an open meeting of this Council, and that all deliberations of this
<br />Council and of any of its committees that resulted in such formal àction,were
<br />in meetings ppen to the public, incompliance with all legal requirements,
<br />including the City's Charter and Codified Ordinances.
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<br />SECTION 13. This ordinance is hereby declared to be an emergency
<br />measure necessary for the immediate preservation of the public peace, property,
<br />health, safety and welfare in the City for the reasons set forth and defined in
<br />the preamble to this ordinance, and provided it receives the affirrnativevote of
<br />two-thirds (2/3) of all members elected -to Council, this ordinance ,shall take
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