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<br />will not take or authorize to be taken any actions that would adversely affect
<br />that exclusion, and (c) it, or persons acting for it, will, among other acts
<br />of compliance, (i) apply the proceeds of the Notes to the governmental pur-
<br />poses of the borrowing, (ii) restrict the yield on investment property, (iii)
<br />make timely and adequate payments to the federal government, (iv) maintain
<br />books and records and make calculations and reports, and (v) refrain from
<br />certain uses of those proceeds and, as applicable, of property financed with
<br />such proceeds, all in such manner and to the extent necessary to assure such
<br />exclusion of that interest under the Code.
<br />The Director of Finance, as the fiscal officer, or any other officer
<br />of the City having responsibility for issuance of the Notes is hereby autho-
<br />rized (a) to make or effect any election, selection, designation, choice,
<br />consent, approval, or waiver on behalf of the City with respect to the Notes
<br />as the City is permitted or required to make or give under the federal income
<br />tax laws, including, without limitation thereto, any of the elections provided
<br />for in Section 148(f)(4)(C) of the Code or available under Section 148 of the
<br />Code, for the purpose of assuring, enhancing or protecting favorable tax
<br />treatment or status of the Notes or interest ttiereon or assisting compliance
<br />with requirements for that purpose, reducing the burden or expense of sucli
<br />compliance, reducing the rebate amount or payments of penalties, or making
<br />payments of special amounts in lieu of making computations to determine, or
<br />paying, excess earnings as rebate, or obviating those amounts or payments, as
<br />determined by that officer, which action shall be in writing and signed by the
<br />officer, (b) to take any and all other actions, make or obtain calculations,
<br />make payments, and make or give reports, covenants and certifications of and
<br />on behalf of the City, as may be appropriate to assure the exclusion of
<br />interest from gross income and the intended tax status of the Notes, and (c)
<br />to give one or more appropriate certificates of the City, for inclusion in the
<br />transcript of proceedings for the Notes, setting forth the reasonable expecta-
<br />tions of the City regarding the amount and use of all the proceeds of the
<br />Notes, the facts, circumstances and estimates on which they are based, and
<br />other facts and circumstances relevant to the tax treatment of the interest on
<br />and the tax status of the Notes.
<br />Each covenant made in this section with respect to tYie Notes is also
<br />made with respect to all issues any portion of the debt service on which is
<br />paid from proceeds of the Notes (and, if different, the original issue and any
<br />refunding issues in a series of refundings), to the extent such compliance is
<br />necessary to assure exclusion of interest on the Notes from gross income for
<br />federai income tax purposes, and the officers identified above are authorized
<br />to take actions with respect to those issues as they are autliorized in this
<br />section to take with respect to the Notes.
<br />Section 13. The Clerk of Council is directed to deliver a certified
<br />copy of this ordinance to the County Auditor.
<br />Section 14. This Council
<br />necessary to be done or performed by
<br />and in the issuing of the Notes in o
<br />general obligations of the City have
<br />at the time of delivery of the Notes
<br />regular and due form as required by
<br />determines that all acts and conditions
<br />the City or to have been met precedent to
<br />rder to make them legal, valid and binding
<br />been performed and have been met, or will
<br />have been performed and have been met, in
<br />law; that the full faith and credit and
<br />.. . __ u?.,.r . ., ., ._ . .a , . .,... .. _ . . _ .
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