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CITY OF ?TH OLMSTED ? <br />. ORDINANC.,O. 81-88 -oe <br />PAGE THREE <br />Section 9. The City hereby covenants that it will restrict the <br />use of the proceeds of the bonds in such manner and to such extent, if any, <br />as may be necessary, after taking into account reasonable expectations at <br />the time the debt is incurred, so that they will not constitute arbitrage <br />bonds under Section 103(c) of the Internal Revenue Code and the regulations <br />prescribed under that section. The fiscal officer or any other officer <br />having responsibility with respect to the issua.nce of these bonds is authorized <br />and directed to give an appropriate certificate on behalf of the City, for <br />inclusion in the transcript of proceedings, setting forth the facts, estimates <br />and circumstances and reasonable expectations pertaining to said Section 103(c) <br />and regulations thereunder. <br />Section 10. The Clerk of Council is hereby authorized and directed <br />to certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, <br />according to law. <br />Section 11. It is found and determined that all formal actions <br />of this Council concerning and relating to the passage of this ordinance <br />were adopted in an open meeting of this Council, and that all deliberations <br />of this Council and of any of its committees that resulted in such formal <br />action, were in meetings open to the public, in compliance with all legal <br />requirements including Section 121.22 of the Ohio Revised Code. <br />Section 12. This ordinance is hereby declared to be an emergency <br />measure necessary for the immediate preservation of the public peace, health <br />and safety and for the further reason that the prompt issuance of the bonds <br />herein provided for is necessary to provide funds to retire the outstanding <br />note issued in anticipation thereof and thereby to preserve the credit of <br />the City; wherefore, this ordinance shall be in full force and effect from <br />and immediately after its passage and approval by the Mayor. <br />Passed• a4'4 !1 , 1981 <br />-'7 D <br />Attest: 6 <br />Florence E. Campb Robert W. <br />Clerk of Council <br />Approved: , 1981 <br />-T7 ' / <br /> <br />ert, PYNesMent of Council <br />? ¦ ?fl • . .?? ? ? <br />ki? <br />-3-