84-087 ORD AUTHORIZING ISSUANCE OF CERTIFICATES OF OBLIGATION

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~ i i ~ ~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 sha11 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 a 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 ~ the purchasers, would have caused the Certificates of ' Obligation to be arbitrage bonds within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, or any regulations or rulings pertaining thereto; and by this covenant the Issuer is obligated to comply with the requirements of the ~ aforesaid Section 103(c) and a11 applicable and pertinent ~ Department of the Treasury regulations relating to arbitrage i bonds. The Issuer further covenants that the proceeds of the a 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. ~ a ~ 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 I 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. j Section 16. SALE OF INITIAL CERTIFICATE OF OBLIGATION. j The Initial Certificate of Obligation is hereby sold and shall ; be delivered to Liberty National Bank and Rauscher Pierce 6 Refsnes, Inc. for cash for the par value thereof and accrued ! interest thereon to date of delivery, plus a premium of $153.50 t 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 i and Official Statement dated November 15, 1984, prepared and o distributed in connection with the sale of the Initial Certifi- ; cate of Obligation. Said Official Notice of Sale and Official ! Statement, and any addenda, supplement, or amendment thereto i have been and are hereby approved by the governing body of the i 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 repre- ! sentations contained in said Official Notice of Sale and ` Official Statement are true and correct in all material re- ~ spects, to the best knowledge and belief of the governing body j of the Issuer. , ~ , ~ f 1 ~ 21 ~ ~ ~j I ~