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<br />The City further covenants that (a) it will take or cause to be taken
<br />sucti actions tliat may be required of it for the interest on the Notes to be
<br />and remain excluded from gross income for federal income tax purposes, (b) it
<br />will not take or authorize to be taken any actions that would adversely affect
<br />that exclusion, and (c) i.t, or persons acting for it, will, among other acts
<br />of compliance, (i) apply the proceeds of the Notes to the governmental
<br />purposes of the borrowing, (ii) restrict the yield on investment property,
<br />(iii) make timely and adequate payment.s to the federal government, (iv)
<br />maintain books and records and make calculations and reports, and (v) refrain
<br />from certain uses of those proceeds and, as applicable, of property financed
<br />with such proceeds, all in such manner and to tlie extent necessary to assure
<br />such exclusion of that interest under the Code.
<br />The Director of Finance, as the fiscal officer, or any other off.icer
<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, clioice,
<br />consent, approval, or waiver on behalf of the Ci.ty with respect to the Notes
<br />as the City is permitted or required to make or give under ttie 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 ttie purpose of assur.ing, enhancing or protecting favorable tax
<br />treatment or status of the Notes or interest thereon 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 tkiose amounts or payment.s, as
<br />determined by that officer, which action shall be in writing and signed by the
<br />officer, (b) to take any and al.l other actions, make or obtain calcul.ations,
<br />make payments, and make or give reports, covenants and certifications of and
<br />on behalf of the City, as may be appx-opriate to assure the exclusion of inter-
<br />est from gross income and the intended tax stattis of ttie Notes, and (c) t.o
<br />give one or more appropri.ate certificates of the City, for incLusion in ttie
<br />transcript of proceedings for the Notes, setting forth the reasonable expecY.a-
<br />tions of the City regardi.ng the amount and use of all the proceeds of tlie
<br />Notes, the facts, circumstances and estimates on which trley are based, and
<br />ot.her facts and circumstances relevant to the tax treatment of the interest on
<br />and the tax status of the Notes.
<br />Section 11. The Clerk of Council is directed to deliver a certified
<br />copy of this ordinance to ttie County Auditor.
<br />Section 12. This Council determines that all acts and conditions
<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 will
<br />at the time of delivery of the Notes have been performed and have been met, in
<br />regular and due form as reqiiired by law; that the ful.l faith and credit and
<br />general property taxing power (as described in Section 9) of the City are
<br />pledged for ttie 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.
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