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Section 12, That said bonds are hereby sold, and <br />shall be delivered to the Texas Water Development Board, being <br />the highest and best bidder, for the,principal amount or par <br />value thereof, and accrued interest thereon to the date of <br />delivery, plus a premium of such amount that the Bonds will <br />yield to said purchaser an actual interest rate of 409533%. <br />Section 13, That the City Council covenants to and <br />with the purchasers of the bonds that it will make no use of the <br />proceeds of the bonds at any time throughout the term of this <br />issue of bonds which, if such use had been reasonably expected <br />on the date of delivery of the bonds to and payment for the <br />bonds by the purchasers, would have caused the bonds to be <br />arbitrage bonds within the mean ing of Section 103(d)of the <br />Internal Revenue Code of 1954, as amended, or any regulations <br />or rulings pertaining thereto; and by this covenant the City <br />Council is obligated to comply with the requirements of the <br />aforesaid Section 103(d) and all applicable and pertinent <br />Department of the Treasury regulations relating to arbitrage <br />bondso The City Council further covenants that the proceeds <br />of the bonds will not otherwise be used directly or indirectly <br />so as to cause all or any part of the bonds to be or become <br />arbitrage bonds within the meaning of the aforesaid Section <br />103(d), or any regulations or rulings pertaining.theretoo <br />Section 14o Of the bonds authorized by this <br />Ordinance, $255,000 in principal amount shall be from the voted <br />authorization of November I61 1971, and $100,000 in principal <br />amount shall be from the voted authorization of September 21, <br />19650 <br />Passed and adopted this lOth day of January, 1973. <br />a%2&-e¢.. <br />W. Farris, Mayor <br />ATTFST : <br />H C. Greene, City Clerk <br />APP D z O FORM: <br />i <br />T. K. Hayn , City Attorney <br />