84-086 ORD AUTHORIZING ISSUANCE OF CERTIFICATES OF OBLIGATION

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! M ~ ' and its investigation, examination, and approval by the ~ Attorney General of the State of Texas, and its registration by ~ the Comptroller of Public Accounts of the State of Texas. Upon registration of the Initial Certificate of Obligation said Comptroller of Public Accounts (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certificate on the Initial Certif- icate of Obligation, and the seal of said Comptroller shall be impressed, or placed in facsimile, on the Initial Certificate of Obligation. The approving legal opinion of the Issuer's Bond Counsel and the assigned CUSIP numbers may, at the option of the Issuer, be printed on the Initial Certificate of ~ Obligation or on any Certificates of Obligation issued and de- livered in conversion of and exchange or replacement of any ~Certificate of Obligation, but neither shall have any legal effect, and shall be solely for the convenience and information of the registered owners of the Certificates of Obligation. Section 14. NO ARBITRAGE. The Issuer covenants to and with the registered owners of the Certificates of Obligation that it will make no use of the proceeds of the Certificates of Obligation at any time throughout the term of this issue of Certificates of Obligation which, if such use had been reason- ably expected on the date of delivery of the Certificates of Obligation to and payment for the Certificates of Obligation by Ithe purchasers, would have caused the Certificates of 10bligation to be arbitrage bonds within the meaning of Section '103(c) of the Internal Revenue Code of 1954, as amended, or any iregulations or rulings pertaining thereto; and by this covenant the Issuer is obligated to comply with the requirements of the iaforesaid Section 103(c) and all applicable and pertinent Department of the Treasury regulations relating to arbitrage bonds. The Issuer further covenants that the proceeds of the Certificates of Obligation will not otherwise be used directly or indirectly so as to cause all or any part of the Certificates of Obligation to be or become arbitrage bonds ~within the meaning of the aforesaid Section 103(c), or any ~regulations or rulings pertaining thereto. Section 15. EMERGENCY. It is hereby officially found and determined that a case of emergency or urgent public necessity exists which requires the holding of the meeting at which this Ordinance is passed, such emergency or urgent public necessity being that the proceeds from the sale of the proposed Certificates of Obligation are required as soon as possible and without delay for necessary and urgently needed public improvements; and that said meeting was open to the public, and public notice of the time, place and purpose of said meeting was given, all as required by Vernon's Ann. Texas Civ. St. Article 6252-17. Section 16. SALE OF INITIAL CERTIFICATE OF OBLIGATION. The Initial Certif~cate of .,Obli_gation i~, hereby sold and shall be delivered to r ~ ~ ~ G((c~u ~ K.i / ~Glc.4\\)ec:.t_t.4c.~~s_9=;rt_tt, 1~'~'Clct L(/LL~~ Ee,y~ for cash for the par value thereof and accrued interesr thereon to date of delivery, plus a premium of It - is hereby officially found, determined, and declared that the Initial Certificate of Obligation has been sold at public sale to the ~bidder offering the lowest interest cost, after receiving sealed bids pursuant to an Official Notice of Sale and Official Statement dated November 15, 1984, prepared and distributed in connection with the sale of the Initial Certificate of Obliga- tion. Said Official Notice of Sale and Official Statement, and any addenda, supplement, or amendment thereto have been and are hereby approved by the governing body of the Issuer, and their use in the offer and sale of the Certificates of Obligation is hereby approved. It is further officially found, determined, and declared that the statements and representations contained in said Official Notice of Sale and Official Statement are true 21