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ORDINANCE NO. 94- 17 PAGE 4
<br />the Notes as "qualified tax-exempt obligations", it has not formed or participated in the
<br />formation of, or benefited from or availed itself of, any entity in order to avoid the purposes
<br />of subparagraph (C) or (D) of Section 265(b)(3) of the Code, and will not form, participate in
<br />the formation of, or benefit from or avail itself of, any such entity. The Village further
<br />represents that the Notes are not being issued as part of a direct or indirect composite issue that
<br />combines issues or lots of tax-exempt obligations of different issuers.
<br />Each covenant made in this section with respect to the Notes is also made with
<br />respect to all issues any portion of the debt charges on which is paid from proceeds of the Notes
<br />(and, if different, the original issue and any refunding issues in a series of refundings), to the
<br />extent such compliance is necessary to assure exclusion of interest on the Notes from gross
<br />income for federal income tax purposes, and the officers identified above are authorized to take
<br />actions with respect to those issues as they are authorized in this section to take with respect
<br />to the Notes.
<br />The Director of Finance, as the fiscal officer, or any other officer of the Village
<br />having responsibility for issuance of the Notes is hereby authorized (a) to make or effect any
<br />election, selection, designation, choice, consent, approval, or waiver on behalf of the Village
<br />with respect to the Notes as the Village is permitted or required to make or give under the
<br />federal income tax laws, including, without limitation thereto, any of the elections provided for
<br />in Section 148(f)(4)(C) of the Code or available under Section 148 of the Code, for the purpose
<br />of assuring, enhancing or protecting favorable tax treatment or status of the Notes or interest
<br />thereon or assisting compliance with requirements for that purpose, reducing the burden or
<br />expense of such compliance, reducing the rebate amount or payments of penalties, or making
<br />payments of special amounts in lieu of making computations to determine, or paying, excess
<br />earnings as rebate, or obviating those amounts or payments, as determined by that officer, which
<br />action shall be in writing and signed by the officer, (b) to take any and all other actions, make
<br />or obtain calculations, make payments, and make or give reports, covenants and certifications
<br />of and on behalf of the Village, as may be appropriate to assure the exclusion of interest from
<br />gross income and the intended tax status of the Notes, and (c) to give one or more appropriate
<br />certificates of the Village, for inclusion in the transcript of proceedings for the Notes, setting
<br />forth the reasonable expectations of the Village regarding the amount and use of all the proceeds
<br />of the Notes, the facts, circumstances and estimates on which they are based, and other facts
<br />and circumstances relevant to the tax treatment of the interest on and the tax status of the Notes.
<br />Section 11. The Clerk of Council is directed to forward a certified copy of this
<br />ordinance to the County Auditor.
<br />Section 12. This Council determines that all acts and conditions necessaxy to be
<br />done or performed by the Village or to have been met precedent to and in the issuing of the
<br />Notes in order to make them legal, valid and binding general obligations of the Village have
<br />been performed and have been met, or will at the time of delivery of the Notes have been
<br />performed and have been met, in regular and due form as required by law; that the full faith
<br />and credit and general property taxing power (as described in Section 9) of the Village are
<br />pledged for the timely payment of the debt charges on the Notes; and that no statutory or
<br />constitutional limitation of indebtedness or taxation will have been exceeded in the issuance of
<br />the Notes.
<br />Section 13. This Council finds and determines that all formal actions of this
<br />Council concerning and relating to the passage of this ordinance were taken in an open meeting
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