2569 ORD AUTHORIZING ISSUANCE OF INTEREST BEARING CERTIFICATES OF OBLIGATION

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Comptroller) shall manually sign the Comptroller's Registra- tion Certificate printed and endorsed on each of said Certifi- cates of Obligation, and the seai of said Comptroller shall be impressed or piacea ir. facsimile, on each of said Certifi- cates of Obligation. 9. That the City cc>venants to and with the purchasers of tne Certificates of Obligation Lhat 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 reasonably expected on the date of delivery of the Certificates of Obligation to and payment for the Certificates of Obligation by the pur- chasers, 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 regu- lations or rulings pertaining thereto; and by this covenant the City is obligated to comply with the requirements of the aforesaid Section 103(c) and all applicable and pertinent Department of the Treasury regulations relating to arbitrage bonds. The City 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 Certifi- cates of Obligation to be or become arbitrage bonds within the meaning of the aforesaid Section 103(c), or any regula- tions or rulings pertaining thereto. 10. That 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 necess- ity being that the proposed Certificates of Obligation are required as soon as possible and without delay for necessary and uraently needed pub:Lic improvements; and that said meeting was oper_ tc trie puLlic and toublic notice of the time, piace and purpose cf said mee'-ing was giver, all as required by Vernon's Ann. Civ. St., Article 6252-17. 11. That said Certificates of Obligation are hereby sold and shall be delivered to The Liberty National Bank, Paris, Texas, for cash for the par value thereof and accrued interest thereon to the date of delivery. 12. That this Ordinance shall take effect immediately upon its passage. Passed and adopted this 13th day of April, 1981. . ATTEST Michae . Malone, Mayor : _ ames Wil ins Acting City Clerk ~APPROVED AS 0 FORM: T. K. Haynes, City Attorney