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<br />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 for~ 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"
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<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 HCoden), 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, circumst-ances 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,
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<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 authori-zed
<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,
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<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,
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<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,
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<br />SECTION 13, This ordinance is hereby declared to be an
<br />emergency measure necessary for the immediate preservation of the
<br />public peace I 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 bf 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
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