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Section 8. The par value to be received from the sale of the Bonds or of any renewal notes
<br />and any excess funds resulting from the issuance of the Notes shall, to the extent necessary, be used
<br />to pay the debt charges on the Notes at maturity and are pledged for that purpose.
<br />Section 9. During the year or years in which the Notes are outstanding, there shall be levied
<br />on all the taxable property in the City, in addition to all other taxes, the same tax that would have
<br />been levied if the Bonds had been issued without the prior issuance of the Notes. The tax shall be
<br />within the 11.1-mill limitation provided by the Charter of the City, shall be and is ordered
<br />computed, certified, levied and extended upon the tax duplicate and collected by the same officers,
<br />in the same manner, and at the same time that taxes for general purposes for each of those years are
<br />certified, levied, extended and collected, and shall be placed before and in preference to all other
<br />items and for the full amount thereof. The proceeds of the tax levy shall be placed in the Bond
<br />Retirement Fund, which is irrevocably pledged for the payment of the debt charges on the Notes or
<br />the Bonds when and as the same fall due.
<br />Section 10. The City covenants that it will use, and will restrict the use and investment of,
<br />the proceeds of the Notes in such manner and to such extent as may be necessary so that (a) the
<br />Notes will not (i) constitute private activity bonds or arbitrage bonds under Sections 141 or 148 of
<br />the Internal Revenue Code of 1986, as amended (the Code) or (ii) be treated other than as bonds the
<br />interest on which is excluded from gross income under Section 103 of the Code, and (b) the interest
<br />on the Notes will not be an item of tax preference under Section 57 of the Code.
<br />The City further covenants that (a) it will take or cause to be taken such actions that may be
<br />required of it for the interest on the Notes to be and remain excluded from gross income for federal
<br />income tax purposes, (b) it will not take or authorize to be taken any actions that would adversely
<br />affect that exclusion, and (c) it, or persons acting for it, will, among other acts of compliance, (i)
<br />apply the proceeds of the Notes to the governmental purposes of the borrowing, (ii) restrict the yield
<br />on investment property, (iii) make timely and adequate payments to the federal government, (iv)
<br />maintain books and records and make calculations and reports, and (v) refrain from certain uses of
<br />those proceeds and, as applicable, of property financed with such proceeds, all in such manner and
<br />to the extent necessary to assure such exclusion of that interest under the Code.
<br />The Notes are hereby designated as "qualified tax exempt obligations" for purposes of
<br />Section 265(b)(3) of the Code. In that connection, the City hereby represents and covenants that it,
<br />together with all its subordinate entities or entities that issue obligations on its behalf, or on behalf of
<br />which the City issues obligations, in or during the calendar year in which the Notes are issued, (i)
<br />has not issued and will not issue tax exempt obligations designated as "qualified tax exempt
<br />obligations" for purposes of Section 265(b)(3) of the Code, including the Notes, in an aggregate
<br />amount in excess of $10,000,000, and (ii) has not issued, does not reasonably anticipate issuing, and
<br />will not issue tax exempt obligations (including the Notes, but excluding obligations, other than
<br />qualified 501(c)(3) bonds as defined in Section 145 of the Code, that are private activity bonds as
<br />defined in Section 141 of the Code and excluding refunding obligations that are not advance
<br />refunding obligations as defined in Section 149(d)(5) of the Code) in an aggregate amount
<br />exceeding $10,000,000, unless the City first obtains a written opinion of nationally recognized bond
<br />counsel that such designation or issuance, as applicable, will not adversely affect the status of the
<br />Notes as "qualified tax exempt obligations". Further, the City represents and covenants that, during
<br />any time or in any manner as might affect the status of the Notes as "qualified tax exempt
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