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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 all applicable and pertinent
Department of the Treasury regulations relating to arbitrage
bonds. The Issuer further covenants that the proceeds of the
Bonds-; will not otherwise +be used directly or indirectly- so as
to cause all or any part.o.f the Bonds to be or become arbitrage
bonds within the meaning of the=aforesaid Section 103(c), or
any regulations or rulings pertaining thereto.
Section 27. SALE OF INITIAL BOND. *The Initial Bond is
hereby sold, and shall be delivered to Dean Witter Reynolds In
for cash for the par value thereof and accrued interest thereon
to date of delivery, plus a premium of $_-0 It is hereby
officially found,determined, and declared that the Initial
Bond 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 Bidding Instructions and Offi-
cial Statement dated June 12, 1984, prepared and distributed in
connection with the sale of the Initial Bond. Said Official
Notice of Sale and Bidding Instructions and Official Statement,
and any addenda, supplement, or amendment thereto have been.and
are hereby approved by the governing bogy of the Issuer, and
their use in the offer and sale of the Bonds is hereby ap-
proved. It is further officially found, determined, and de
,clared that the statements and representations contained in
said Official.Notice of Sale and Official Statement are true
and correct in all material respects, to the best knowledge and
belief of the governing body of the Issuer.
'Section 28. -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 pt7oceeds from the sale of the proposed bonds are
�requlred as soon as possible and. without delay for necessary
and urgently needed public improvements, and that said meeting
was open Ito the . public, and public' notice of the time, place
hand purpose of said meeting was given, all as required by
Vernon's Ann. Texas Civ. St. Article 6252�1i,
Section 29• = EMERGENCY. That the" fact. that the City
Council considers the passage of this Ordinance and the
issuance of the Bonds necessary for the immediate preservation
of the public peace, health, safety and welfare, creates an
emergency and an imperative public necessity that the rule re-
quiring 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 17th day of July, 1984,
Mayor
ity Secretary