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SECTION 9. It is hereby determined that all acts, <br />conditions and things necessary to be done precedent to and in and <br />for the issuing of said Bonds in order to make them legal, valid <br />and binding obligations of the City have been performed in regular <br />and due form as required by law; that the full faith, credit and <br />revenue of said City shall be and are hereby irrevocably pledged <br />for the prompt payment of the principal and interest thereof at <br />maturity; and that no limitation of indebtedness or taxation, <br />either statutory or constitutional, will be exceeded in issuing <br />said Bonds. <br /> SECTION 10. The City covenants that it will restrict the <br />use of the proceeds of said Bonds in such manner and to such <br />extent, if any, as may be necessary so that the Bonds will not <br />constitute arbitrage bonds under Section 148 of the Internal <br />Revenue Code of 1986, as amended (the "Code"). The Fiscal Officer, <br />as the fiscal officer, or any other officer of the City having <br />responsibility for the issuance of the Bonds shall give an <br />appropriate certificate of the City, for inclusion in the <br />transcript of proceedings for the Bonds, setting forth the <br />reasonable expectations of the City regarding the amount and use of <br />all the proceeds of the Bonds, the facts, circumstances and <br />estimates on which they are based, and other facts and <br />circUmstances relevant to the tax treatment of the interest on the <br />Bonds. <br /> <br /> The City further covenants that it (a) will take or cause <br /> to be taken such actions that may be required of it for the <br /> interest on the Bonds to be and remain excluded from gross income <br /> for federal income tax purposes, and (b) will not take or authorize <br /> to be taken any actions that would adversely affect that exclusion, <br /> and that it, or persons acting for it, will, among other acts of <br /> compliance, (i) apply the proceeds of the Bonds to the governmental <br /> purpose of the borrowing, (ii) restrict the yield on investment <br /> property acquired with those proceeds, (iii) make timely rebate <br /> payments to the federal government, (iv) maintain books and records <br /> and make calculations and reports, and (v) refrain from certain <br /> uses of those proceeds, all in such manner and to the extent <br /> necessary to assure such exclusion of that interest under the Code. <br /> The Fiscal Officer and other appropriate officers are authorized <br /> and directed to take any and all actions, make calculations and <br /> rebate payments, and make or give reports and certifications, as <br /> may be appropriate to assure such exclusion of that interest. <br /> SECTION 11. The Fiscal Officer, as fiscal officer of the <br /> City, is hereby directed to forward a certified copy of this <br /> ordinance to the County Auditor. <br /> <br /> SECTION 12. It is found and determined that all formal <br /> actions of this Council concerning and relating to the passage of <br /> this ordinance were adopted in an open meeting of this Council, and <br /> that all deliberations of this Council and of any of its committees <br /> that resulted in such formal action, were in meetings open to the <br /> public, in compliance with all legal requirements, including the <br /> City's Charter and Codified Ordinances. <br /> <br /> SECTION 13. This ordinance is hereby declared to be an <br /> emergency measure necessary for the immediate preservation of the <br /> public peace, property, health, safety and welfare in the City for <br /> the reasons set forth and defined in the preamble to this <br /> ordinance, and provided it receives the affirmative vote of two- <br /> thirds (2/3) of all members elected to Council, this ordinance <br /> shall take effect and be in force immediately upon its passage by <br /> <br />-8- <br /> <br /> <br />