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<br />(x) To comply with the information reporting requirements of section 149(e) of the Code,
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<br />For the purposes of the foregoing, in the case of a refunding bond, the term proceeds includes transferred proceeds
<br />and, for purposes of paragraphs (ii) and (Hi), proceeds of the refunded bonds.
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<br />The covenants contained herein are intended to assure compliance with the Code and any regulations or
<br />rulings promulgated by the U.S. Department of Treasury pursuant thereto. In the event that regulations or rulings
<br />are hereafter promulgated which modify or expand provisions of the Code, as applicable to the Bonds, the City will
<br />not be required to comply with any covenant contained herein to the extent that such modification or expansion, in
<br />the opinion of nationally-recognized bond counsel, will not adversely affect the exclusion from gross income of
<br />interest on the Bonds under section 103 of the Code. In the event that regulations or rulings are hereafter
<br />promulgated which impose additional requirements which are applicable to the Bonds, the City agrees to comply
<br />with the additional .requirements to the extent necessary, in the op.inion of nationally-recognized bond counsel, to
<br />preserve the exclusion from gross income of interest on the Bonds under section 103 of the Code.
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<br />Proper officers of the City charged with the responsibility of issuing the Bonds are hereby authorized and
<br />directed to execute any documents, certificates, or reports required by the Code and to make such elections, on
<br />behalf of the City, which may be permitted by the Code as are consistent with the purpose for the issuance of the
<br />Bonds.
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<br />Notwithstanding any other provision in this Resolution, to the extent necessary to preserve the exclusion
<br />from gross income of interest on the Bonds under section 103 of the Code the covenants contained in this subsection
<br />shall survive the later of the defeasance or discharge of the Bonds,
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<br />(d) Covenants Regarding Sale. Lease. or Disoosition of Financed Prooertv, The City covenants that the
<br />City will regulate the use of the property financed, directly or indirectly, with the proceeds of the Bonds and will not
<br />sell, lease, or otherwise dispose of such property unless (i) the City takes the remedial measures as may be required
<br />by the Code and the reIDJIations and rulinKs thereunder in order to preserve the exclusion from gross income of
<br />interest on the Bonds under section 103 of the Code or (ii) the City seeks the advice of nationally-recognized bond
<br />counsel with r~ct to such sale, lease, or other disposition,
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<br />Section 15. DESIGNATION AS OUALIFlED TAX-EXEMPT OBLIGATIONS, The City hereby
<br />desigpates the Bonds as "Q\l8lified tax-exempt obligations" as defined in section 265(b)(3) of the Code. In
<br />furtherance of such designation, the City represents, covenants, and warrants the following: (a) during the calendar
<br />year in which the Bonds are issued, the CitY. (~cluding. any subordinate entities) has not designated nor will
<br />designate obligations, which when aggregated with the Bonds, will result in more than $10,000,000 of "qualified
<br />tax-exempt obligations" being.,issued; @) the City reasonably antici~tes that the amount of tax-exempt obligations
<br />issued during 2000 by the City (including any subordinate entities) will not exceed $10,000,000; and (c) the City
<br />will take such action which would assure, or to refrain from such action which would adversely affect, the treatment
<br />of the Bonds as "qualified tax-exempt obligations,"
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<br />Section 16. SALE OF BONDS. The sale of the Bonds to the Initial Purchas~[s] pursuant to the taking of
<br />competitive bids at a price of~, plus accrued interest to the date of delivery is hereby confirmed. It is hereby
<br />officially found, determined, and declared that the Initial Purchaser[!llsubmitted the bid which results in the lowest
<br />true interest cost to the City and delivery of the Bonds to the Initial Purchaser[ s] shall be made as soon as practicable
<br />after the adop.tion of this Ordinance, upon payment therefor, in accordance with the terms of sale. The Initial Bond
<br />shall be registered in the name of the Initial Purchascr[s]. The officers of the City are hereby authorized and directed
<br />to execute and deliver such certificates, instructions, or other instruments as are reql,lired or necessary to accomplish
<br />the purposes of this Ordinance.
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<br />Section 17. APPROVAL OF OFFICIAL STATEMENT. The City hereby a~proves the form and content
<br />of the Official Statement relating to the Bonds, and any addenda, supplement, or amendment thereto and approves
<br />the distribution of such Official Statement in the reotTering. of the Bonds by..the Initial Purchasers in final form, with
<br />such changes therein or additions thereto as the officer executing the same may deem advisable, such detennination
<br />to be conclusively evidenced by his execution thereof. It is further officially found determined and declared that the
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<br />063939.0001 AUSTIN 280348
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