1980 031 Ordinance - Laserfiche WebLink

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time that taxes for general purposes for each year are certified, ex- tended and collected. Said tax shall be placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund, which, together with all interest collected on the same, shall be irrevocably pledged for the payment of the principal of and interest on the Note, or the Bonds in anticipation of which it is is- sued, when and as the same fall due. Section 8. That, notwithstanding any other provisions of this Ordinance, the Village hereby covenants that no part of the proceeds of the Note oz of the moneys or funds held hereunder shall be used at any time, directly or indirectly, in a manner that (a) would have been, but for this covenant, reasonably expected on the date of issuance of the Note and (b) would have caused, if so reasonably expected, the Note to be an "arbitrage bond" under Section 103(c) of the Internal Revenue Code of 1954, as amended, and the regulations of the Treasury Department thereunder proposed or in effect at the time of such use and applicable to obligations issued on the date of issuance of the Note. The Director of Finance of the Village, or any other officer of the Village, having responsibility with respect to the issuance of the Note, is authorized and directed, alone or in conjunction with any of the foregoing or with any other officer, employee, consultant or agent of the Village, to give an appropriate certificate on behalf of the Village, for inclusion in the transcript of proceedings for the Note, setting forth the facts and estimates (including covenants of the Village) in existence on the date -5-