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Further, the City Council hereby ratifies, authorizes and approves the actions of the <br /> Mayor, the City's financial advisor and other consultants in seeking a rating on the Certificates <br /> from Standard&Poor's Ratings Services and such actions are hereby ratified and confirmed. <br /> Section 7.4: Application of Proceeds of Certificates; Appropriation. Proceeds <br /> from the sale of the Certificates shall, promptly upon receipt by the City, be applied as follows: <br /> (1) Accrued interest shall be deposited into the Debt Service Fund created in Section <br /> 5.2 of this Ordinance; <br /> (2) A portion of the proceeds shall be applied to pay expenses arising in connection <br /> with the issuance of the Certificates; and <br /> (3) The remaining proceeds shall be applied, together with other funds of the City, to <br /> provide funds to pay contractual obligations to be incurred for the purposes set forth in Section <br /> 3.1 of this Ordinance. <br /> Section 7.5: Covenants to Maintain Tax Exemption. <br /> (a) Definitions. When used in this PART, the following terms have the following <br /> meanings: <br /> "Code" means the Internal Revenue Code of 1986, as amended by all legislation, if any, <br /> enacted on or before the Issue Date. <br /> "Computation Date" has the meaning stated in section 1.148 1(b) of the Regulations. <br /> "Gross Proceeds"has die meaning stated in section 1.148 1(b)of the Regulations. <br /> "Investment" has the meaning stated in section 1.148 1(b) of the Regulations. <br /> "Issue Date" for the Certificates or other obligations of the City is the respective date on <br /> which such Certificates or other obligations of the City is delivered against payment therefor. <br /> "Net Sale Proceeds" has the meaning stated in section 1.148 1(b) of the Regulations. <br /> "Nonpurpose Investment" has the meaning stated in section 1.148 1(b) of the <br /> Regulations. <br /> "Proceeds"has the meaning stated in section 1.148-1(b) of the Regulations. <br /> "Rebate Amount" has the meaning stated in section 1.148-3 of the Regulations. <br /> "Regulations" means the temporary or final Income Tax Regulations applicable to the <br /> Certificates issued pursuant to sections 141 through 150 of the Code. Any reference to a section <br /> of the Regulations shall also refer to any successor provision to such section hereafter <br /> promulgated by the Internal Revenue Service pursuant to sections 141 through 150 of the Code <br /> and applicable to the Certificates. <br /> 13 <br /> HOU:3589513.1 <br />