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- 5 - <br />Each covenant made in this sect.ion with respect to the Notes is also <br />made with respect to all issues any portion of the debt service on whir.h is <br />paid from proceeds of the Notes (and, if different, the or.i.ginal 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 ttie Notes fr.om gross income for <br />federal income tax purposes, and the off_icers identi.fied above are author.i.zed <br />to take act.ions with respect to those issues as they are authorized in this <br />section to take with respect to the Notes. <br />Section 11. The Clerk of Cotincil is directed to deliver a certified <br />copy of this ordinance to the County Auditor. <br />Section 12. This Council determines t.hat all acts and condi.tions <br />necessary to be done or performed by the City or to have been met precedent to <br />and in the issuing of the Notes in order to make them legal, valid and binding <br />general obligations of the City have been performed and have been met, or wi11 <br />at the time of delivery of the Notes have been performed and tiave been met, in <br />regular and due form as required by law; that the full fait.h and credit and <br />general property taxing power (as described in Section 9) of the City are <br />pledged for the timely payment of the debt charges on the Notes; and that no <br />statutory or constitutional limitation of indebtedness or taxation will have <br />been exceeded in the issuance of the Notes. <br />Section 13. This Council finds and determi.nes that al.l. formal <br />actions of this Council concerni.ng and relating to the passage of this ordi- <br />nance were taken in an open meeting of this Council and that all del.iberati.oris <br />of this Council and of any committees that resul.ted in those formal actions <br />were in meetings open to ttie public in compliance with tlie law. <br />Section 14. This ordinance is declar.ed to be an emer.gency measizre <br />necessary for the immediate preservation of tlie public peace, healtli, satety <br />and welfare of the City, and for the further reason that t:tiis ordinance is <br />required to be immediately effective in order to issue and sell the Notes, <br />which is necessary to enable the City to timely retire the 1991 Notes and <br />thereby preserve its credit; wherefore, this ordinance shall be in full force <br />and effect immediately upon its passage and approval by tYie Mayor. <br />Passed: 1992 <br />A t t e s t:;' <br />? Clerk of Cou cil <br />Approved: 1992 <br />Olor <br />r!??!J? ? <br />?? ~ <br />President of Cou ' <br />y l7 /9 -1,