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without the prior issuance of the Notes. Said tax shall be and is <br />hereby ordered computed, certified, levied and extended upon the tax <br />duplicate and collected by the same officers in the same manner and at <br />the same time that taxes for general purposes .for each year are certified, <br />extended and collected. Said tax shall be placed before and in preference <br />to all other items and for the full amount thereof. The funds derived <br />from said tax levies hereby required shall be placed in a separate and <br />distinct fund, which, together with all interest collected on the same, <br />shall be irrevocably pledged for the payment of the principal of and <br />interest on the Notes, or the Bonds in anticipation of which they axe <br />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 it will restrict the use of <br />the proceeds of the Notes or of the moneys or funds held hereunder in <br />such manner and to such extent, if any, as may be necessary, after <br />taking into account reasonable expectations on the dates of issuance of <br />the Notes, so that the Notes will not constitute "arbitrage bonds'' under <br />Section 103(c) of the Internal Revenue Code of 1954, as amended, and the <br />.regulations of the Treasury Department thereunder proposed.or in effect <br />at the time of such use and .applicable to obligations issued on the date <br />of issuance o.f the Notes. The Director of Finance, o.r any other officer <br />of the Village, having responsibility with .respect to the issuance of <br />the Notes, is authorized and directed, alone or in conjunction with any <br />of the foregoing or with any other officer, employee, consultant or <br />agent of the Village, to give an appropriate certificate on behalf of <br />-5- <br />