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<br /> <br /> <br /> <br /> <br /> <br /> hereafter promulgated which modify, or expand provisions of the Code, as applicable to the <br /> Certificates of Obligation, the Issuer will not be required to comply with any covenant <br /> contained herein to the extent that such modification or expansion, in the opinion of <br /> nationally-recognized bond counsel, will not adversely affect the exemption from federal <br /> income taxation of interest on the Certificates of Obligation under Section 103 of the Code. <br /> In the event that regulations or rulings are hereafter promulgated which impose additional <br /> requirements which are applicable to the Certificates of Obligation, the Issuer agrees to <br /> comply with the additional requirements to the extent necessary, in the opinion of nationally- <br /> recognized bond counsel, to preserve the exemption from federal income taxation of interest <br /> on the Certificates of Obligation under Section 103 of the Code. <br /> <br /> Section 15. SALE OF INITIAL CERTIFICATE OF OBLIGATION. The Initial <br /> Certificate of Obligation is hereby sold and shall be delivered to Southwest Securities <br /> Incorporated, for the par value thereof and accrued interest thereon to date of delivery. <br /> <br /> Section 16. 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 <br /> for the purpose of paying, in whole or in part, the City's contractual obligations for the <br /> for improving and extending the Ciry's combined Waterworks and Sewer System, and for <br /> paying all or a portion of the legal, fiscal and engineering fees in connection with this project <br /> for which the Certificates of Obligation are issued; provided that after completion of such <br /> project, if any of such interest earnings remain on hand, such, interest earnings shall be <br /> deposited in the Interest and Sinking Fund. <br /> Section 17. This ordinance shall become effective on <br /> September 23, 1491. <br /> <br /> Passed an: adopted tfi.is 23rd day of September, 1991', <br /> <br /> <br /> <br /> ' ^ <br /> 'ra el , Acting Mayor <br /> ATTEST: <br /> <br /> <br /> <br /> iattie~Cunning am, City C er <br /> <br /> APPROyED AS 0 FORM: <br /> <br /> i ^ <br /> <br /> T. K. aynes, ity Attorney <br /> <br /> 26 <br />