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Comptroller) shall manually sign the Comptroller's Registra-
tion Certificate printed and endorsed on each of said
Certificates of Obligation, and the seal of said Comptroller
shall be impressed or placed in facsimile, on each of said
Certificates of Obligation.
10. That the City covenants to and with the purchasers
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 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
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.
11. 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 urgently needed public improvements; and that said
meeting was open to the pudic and public notice of the
time, place and purpose of said meeting was given, all as
required by Vernon's Ann. Civ. St., Article 6252-17.
12. That said Certificates of Obligation are hereby
sold and shall be delivered to the
, for cash f or the par
value thereof and accrued interest thereon to the date of
delivery.
13. That the fact that the City Council considers the
passage of this ordinance and the issuance of the
certificates of obligation necessary for the immediate
preservation of the public peace, health, safety and
welfare, creates an emergency and an imperative public
necessity that the rule requiring ordinances to be read at
more than one meeting of the City Council before final
passage be suspended, and said rule is hereby suspended, and
that this ordinance take effect and be in force and effect
immediately from and after its passage at this meeting, and
it is so ordained.
PASSED AND APPROVED this
ATTE
City aecre ary
APPROVED:
City Attorney
11th day of May, 1982.
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