08-ordinance authorizing the issuance and sale of the City's Combination Tax & Revenue Certificates of Obligation

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"disproportionate," within the meaning of section 141(b)(3) ofthe Code, to the governmental use; (c) to take any action to assure that no amount that is greater than the lesser of $5,000,000, or 5 percent of the proceeds of the Certifcates (less amaunts deposited into a reserve fund, if any) is directly or indirectly used to fmance loans to persons, other than state or local governmental units, in contravention of section 141(c) of the Code; (d) to refrain from taking any action that would otherwise result in the Certificates being treated as "private activity bonds" within the meaning of section 141(b) of the Code; (e) to refrain from taking any action that would result in the Certificates being "federally guaranteed" within the meaning of section 149(b) of the Code; (f) to refrain from using any portion of the proceeds of the Certificates, directly or indirectly, to acquire or to replace f'unds that were used, directly or indirectly, to acquire investment property (as defined in section 148(b)(2) of the Gode) that produces a materially higher yield over the term of the Certificates, othei• than investment property acquired with (1) proceeds of the Certificates invested for a reasonable temparary period of 3 years or less or, in the case of a refunding bond, for a period of 30 days or less until such proceeds are needed for the purpose for which the bonds are issued, (2) amounts invested in a bona fide debt service fund, within the meaning of section 1.148-1(b) of the Treasury Regulations, and (3) amounts deposited in any reasonably required reserve or replacement fund to the extent such amounts do not exceed 10 percent of the proceeds of the Certificates; (g) to otherwise restrict the use of the proceeds of the Certificates or amounts treated as proceeds of the Certificates, as may be necessary, so that the Certificates do not otherwise contravene the requirements of section 148 of the Code (relating to arbitrage) and, to the extent applicable, section 149(d) of the Code (relating to advance refiindings); (h) to pay to the United States af America at least once during each five-year period (beginning on the date of delivery of the Certificates) an amount that is at least equal ta 90 percent of the "Excess Earnings," within the meaning of section 148(f) of the Cade and to pay to the United States of America, not later than 60 days after the Certificates have been paid in ful1,100 percent of the amount then required to be paid as a result of Excess Earnings under section l 4$(o of the Code; and 17 ~~,~y 0 01 11