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- 5 - <br />Each covenant made in this section with respect. to the Not.es i.s also <br />made with respect to all issues any portion of the debt service on whi.cli 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 ttie extent sucti compliance is <br />necessary to assure exclusion of interest on the Notes from gross income for <br />federal income tax purposes, and ttie officers identified above ar.e alilhor:i_zed <br />to take actions 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 Council is direr_ted to deliver a cer.tified <br />copy of this ordinance to the County Auditor. <br />Section 12. This Council determines t.hat all acts and condiY.ions <br />necessary to be done or performed by the City or to have been mPt precedent to <br />and in the issuing of the Notes in order to make them legal, valid and bind.i.ng <br />general obligations of the City have been performed and have been met, or will <br />at the time of delivery of the Notes have been performed and llave been met, in <br />regular and due form as required by law; that the ful.l faith and credit and <br />general property taxing power (as described in Sectivn 9) of the Ci.i:y are <br />pledged for the timely payment of the debt charges on ttie 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 all for.mal <br />actions of this Council concerning and relating to the passage of_ thi.s ordi- <br />nance were taken in an open meeting of this Council and ttiat all deliberations <br />of this Council and of any committees that resulted .in those formal actions <br />were in meetings open to the public in compliance with ttie 1aw. <br />Section 14. This ordinance is declared to be an emergency measiire <br />necessary for the immediate preservation of the public peace, health, safety <br />and welfare of the City, and for the further reason that tYiis ordinance is <br />required to be immediately effective in order to issue and sell t}ie Notes, <br />which is necessary to enable the City to timel.y retire t.he 1991 Not;es and <br />thereby preserve its credit; wherefore, this ordinance shall be in full force <br />and effect immediately upon its passage and approval by the Mayor. <br />Passed: ??4?-? 1992 <br />p A t t e s t: `. ? <br />Clerk o£ Counkil <br />? <br />Approved: , 1992 <br />J <br />? <br />/ yor <br />" President of C <br />?-.?-?- <br />,?Lc??,?.1 <br />??..??. ?? -?---? • , ,