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<br />Section 8.
<br />or of any renewal no
<br />the Note shall, to t
<br />the Note at maturity
<br />The par value to bE
<br />es and any excess
<br />e extent necessary,
<br />and are pledged for
<br />received from the sale of the Bonds
<br />funds resulting from the issuance of
<br />be used to pay the debt charges on
<br />that purpose.
<br />Section 9. During the year or years in whi.ch Y,he Note i.s out-
<br />standing, there shall be levied on all the taxable property in the City, in
<br />addition to all other taxes, the same tax that would have been levied if the
<br />Bonds had been issued without the prior issuance of the Note. The tax shall
<br />be within tlie 11.1-mill limitation provided by the Charter of tYie City, shall
<br />be and is ordered comput.ed, certified, levied and extended upon the tax
<br />duplicate and collected by the same officers, in the same manner, and at the
<br />same time that taxes for general purposes for each of those years are certi-
<br />fied, levied, extended and collected, and shall be placed before and in
<br />preference to all other items and for the full amount thereof. The proceeds
<br />of the tax levy shal.l be placed in the Bond Retirement Fund, which is
<br />irrevocably pledged for the payment of the debt charges on the Note or the
<br />Bonds when and as the same fall due.
<br />Section 10. The City covenants ttiat it will use, and will restrict
<br />the use and investment of, the proceeds of the Note in such manner and to such
<br />extent as may be necessary so that (a) the Note will not (i) constitute a
<br />private activity bond, arbii.rage bond or hedge bond under Section 141, 148 or
<br />149 of the Internal Revenue Code of 1986, as amended (the Code), or (ii) be
<br />treated other than as a bond to which Section 103(a) of the Code applies, and
<br />(b) the interest on the Note will not be treated as a preference item under
<br />Section 57 of the Code.
<br />7'he City further covenants that (a) it wi].1 take or cause to be taken
<br />such actions that may be required of it for the interest on the Note to be and
<br />remain excluded from gross income for federal income tax purposes, (b) it will
<br />not take or aiithorize to be taken any act.ions that would adversely affect that
<br />exclusion, and (c) it, or persons acl;ing for i.t, will, among other acts of
<br />compliance, (i) apply the proceeds of the Note t.o the governmental purpose of
<br />the borrowing, (ii) restrict the yield on investment property, (iii) make
<br />timely and adeqiiate payments to the federal government, (iv) maintain books
<br />and records and make calculations and reports, and (v) refrain from certain
<br />uses of those proceeds and, as applicable, of property financed with siich
<br />proceeds, all in such manner and to the extent necessary to assure suc}i
<br />exclusion of that interest under the Code.
<br />The Director of Finance, as the fiscal officer, or any other officer
<br />o£ t.he City having responsibility for issuance of the Note 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 Note as
<br />the Cit.y is permitted or required to make or give under tYie federal income tax
<br />laws, including, without limitation, any vf the elections provided for in
<br />Section 148(f)(4)(C) of the Code or availab].e under Section 148 of the Code,
<br />for the purpose of assuring, enhancing or protecting favorable tax treatment
<br />or status of the Noi.e or interest thereon or assisting compliance with
<br />r.eyuirements for that purpose, reducing the burden or expense of such
<br />compl.iance, reducing the rebate amount or payments or penalties, or making
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