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in addition to all other taxes, a direct tax annually not less than that <br />which would have been levied for the Village's portion of the Note if <br />the Bonds had been issued without the prior issuance of the Note. Said <br />tax shall be and is hereby ordered computed, certified, levied and <br />extended upon the tax duplicate and collected by the same officers in <br />the same manner and at the same time that taxes for general purposes for <br />each year are certified, extended and collected. Said tax shall be <br />placed before and in preference to all other items and for the full <br />amount thereof. The funds derived from said tax levies hereby required <br />shall be placed in a separate and distinct fund, which, together with <br />all interest collected on the same, shall be irrevocably pledged for the <br />payment of the principal of and interest on the Note, or the Bonds in <br />anticipation of which it is issued, when and as the same fall due. <br />Section 8. That, notwithstanding any other provisions of this <br />Ordinance, the Village hereby covenants that no part of the proceeds of <br />the Note or of the moneys or funds held hereunder shall be used at any <br />time, directly or indirectly, in a manner that (a) would have been, but <br />for this covenant, reasonably expected on the date of issuance of the <br />Note and (b) would have caused, if so reasonably expected, the Note to <br />be an "arbitrage bond" under Section 103(c) of the Internal Revenue Code <br />of 1954, as amended, and the regulations of the Treasury Department <br />thereunder proposed or in effect at the time of such use and applicable <br />to obligations issued on the date of issuance of the Note. The Director <br />of Finance of the Village, or any other officer of the Village, having <br />responsibility with respect to the issuance of the Note, is authorized <br />-5- <br />