1980 065 Ordinance - Laserfiche WebLink

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the same time that taxes for general purposes for each year are certi- fied, extended 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 princi- pal of and interest on the Notes, or the Bonds in anticipation. of which they are issued, when and as the same fall due. Section 8. That, notwithstanding any other provisions of this Ordinance, the Village hereby covenants that it will restrict the use of the proceeds of the Notes and of the moneys or funds held hereunder in such manner and to the extent, if any, as may be necessary, after taking into account reasonable expectations on the date of issuance of the I Notes, so that the Notes will not constitute "arbitrage bonds" 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 Notes. The Director of Finance, or any other officer of the Village having responsibility with respect to the issuance of the Notes, 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 Notes, setting forth the expectations of the Village regarding the amount and use of the proceeds of the Notes and the facts and estimates (including covenants of the Village) in existence on the date of issuance of the Notes on which they are based which (i) meets the requirements of -5-