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<br /> <br /> <br /> <br /> <br /> <br /> Section 16. SALE OF INITIAL CERTIFICATE OF OBLIGATION. The Initial <br /> Certificate of Obligation is hereby sold and shall be delivered to <br /> iS f qq P► ~s~C 4 I' ' , 74 /4 Q14' for the par value thereof and accrued interest thereon to date of <br /> delivery plus a premium of $ It is hereby officially found, determined, and declared that <br /> the Initial Certificate of Obligation has been sold at public sale to the bidder offering the lowest <br /> interest cost, after receiving sealed bids pursuant to a Official Notice of Sale and Official <br /> Statement dated July 1, 1994 prepared and distributed in connection with the sale of the Initial <br /> Certificate of Obligation. Said Official Notice of Sale and Official Statement, and any addenda, <br /> supplement, or amendment thereto have been and are hereby approved by the governing body of <br /> the Issuer, and their use in the offer and sale of the Certificates of Obligation is hereby approved. <br /> It is further officially found, determined, and declared that the statements and representations <br /> contained in said Official Notice of Sale and Official Statement are true and correct in all material <br /> respects, to the best knowledge and belief of the governin body of the Issuer. The Initial <br /> Certificate of Obligation shall be registered in the name of ~4'h1,4 13w•C 4~);).( V)u`'114• <br /> <br /> <br /> Section 17. INTEREST EARNINGS ON CERTIFICATES OF OBLIGATION <br /> PROCEEDS. The earnings derived from the investment of proceeds from the sale of the <br /> Certificates of Obligation shall be used along with other Certificate of Obligation proceeds as <br /> described in Section 1 hereof; provided that after completion of such project, if any of such <br /> interest earnings remain on hand, such interest earnings shall be deposited in the Interest and <br /> Sinking Fund. It is further provided, however, that interest eamings on the Certificates of <br /> Obligation proceeds which are required to be rebated to the United States of America pursuant <br /> to Section 14 hereof in order to prevent the Certificates of Obligation from being arbitrage bonds <br /> shall be so rebated and not considered as interest earnings for the purpose of this Section. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> 28 <br />