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limitation of indebtedness or taxation, ~ither statutory or constitutional, will be exceeded in issuing said Bonds. SECTION 10. The City covenants that it will restrict the use of the proceeds of said Bonds in such manner and to such extent, if any, as may be necessary so that the Bonds will not constitute arbitrage bonds under Section 148 of the Internal Revenue Code of 1986, as amended (the "Code"). The Fiscal Officer, as the fiscal officer, or any.other officer of the City having responsibility for the issuance of the Bonds shall give an appropriate certificate of the City, for inclusion in the transcript of proceedings for the Bonds, setting forth the reasonable expectations of the City regarding the amount and use of all the proceeds of.~he Bonds, the facts, circumstances and estimates on which they are based, and other facts and circmstances relevant to the tax treatment of the interest on the Bonds. The City further covenants that it (a) will take or cause to be taken such actions that may be required of it for the interest on the Bonds to be and remain excluded from gross income for federal income tax purposes, and Co) will not take or authorize to be taken any actions that would adversely affect that exclusion, and that it, or persons acting for it, will, among other acts of compliance, 0)apply the proceeds of the Bonds to the governmental purpose of the borrowing, (ii) restrict the yield on investment property acquired with those proceeds, (iii) make timely rebate payments to the federal government, (iv) maintain books and records and make calculations and reports, and (v) refrain from certain uses of those proceeds, all in such manner and to the extent necessary to assure such exclusion of-that interest under the Code. The Fiscal Officer and other appropriate officers are authorized and directed to take any and ail actions, make caiculations and rebate payments, and make or give reports and certifications, as may be appropriate to assure such exclusion of that interest. SECTION 11. The Fiscal Officer is authorized and directed to execute a continuing disclosure certificate (the "Disclosure Certificate") setting forth the City's undertaking to provide annual reports and notices of certain events dated the date of delivery of the Bonds and delivered to the Original Purchaser for the benefit of the bondholders and to' assist the Original Purchaser in complying with S.E.C. Rule 15c2-12Co)(5). The City hereby covenants and agrees that it will comply with and carry out ail of the provisions of the Disclosure Certificate. Failure of the City of comply with the Disclosure Certificate shall not be considered an event of default; however, any Bondholder may take such actions as may be necessary and appropriate to cause the City to comply with its obligations under this Section. SECTION 12. The Fiscal Officer, as fiscal officer of the City, is hereby directed to forward a certified copy of this ordinance to the County Auditor. SECTI°N 13. It is found and determined that all formal actions of this Council concerning and relating to the passage oft/tis Ordinance were adopted in an open meeting of this Council, and that all deliberations of this Council and of any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with ail legal requirements, including the City's Charter and Codified Ordinances. SECTION 14. This Ordinance is hereby declared to be an emergency measure necessary for the mediate preservation of the public peace, property, health, safety and welfare in the City for the reasons set forth and defined in the preamble to this ordinance, and provided it receives the affirmative vote of two-thirds (2/3) of all members elected to Council, this ordinance shall take effect and be in force immediately upon its passage by the Council and approval by the Mayor; otherwise it shall take effect and be in force after the earliest period allowed by law. / 7,,2oo President of Council {K.LF19881;I }