91-046 ORD CERTIFICATE FOR ORDINANCE

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hereafter promulgated which modify, or expand provisions of the Code, as applicable to the Certificates of Obligation, the Issuer will not be required to comply with any covenant contained herein to the extent that such modification or expansion, in the opinion of nationally-recognized bond counsel, will not adversely affect the exemption from federal income taxation of interest on the Certificates of Obligation under Section 103 of the Code. In the event that regulations or rulings are hereafter promulgated which impose additional requirements which are applicable to the Certificates of Obligation, the Issuer agrees to comply with the additional requirements to the extent necessary, in the opinion of nationally- recognized bond counsel, to preserve the exemption from federal income taxation of interest on the Certificates of Obligation under Section 103 of the Code. Section 15. SALE OF INTTIAL CERTIFICATE OF OBLIGATION. The Initial Certificate of Obligation is hereby sold and shall be delivered to Southwest Securities Incorporated, for the par value thereof and accrued interest thereon to date of delivery. Section 16. INTEREST EARNINGS ON CERTIFICATES OF OBLIGATION PROCEEDS. The earnings derived from the investment of proceeds from the sale of the Certificates of Obligation shall be used along with other Certificate of Obligation proceeds for the purpose of paying, in whole or in part, the City's contractual obligations for the for improving and extending the City's combined Waterworks and Sewer System, and for paying all or a portion of the legal, fiscal and engineering fees in connection with this project for which the Certificates of Obligation are issued; provided that after completion of such project, if any of such interest earnings remain on hand, such interest earnings shall be deposited in the Interest and Sinking Fund. 26