2022-05 Ordinance Providing for the Issuance of not to Exceed $26,100,000 General Obligation Bonds, to Finance Water and Sewer Infrastructure Improvements, to Robert Baird & Co. Incorporated

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its control (including, without limitation, making or permitting any use of the proceeds of the Bonds)if taking,permitting or omitting to take such action would cause any of the Bonds to be an arbitrage bond or a private activity bond within the meaning of the Code or would otherwise cause the interest on the Bonds to be included in the gross income of the recipients thereof for federal income tax purposes. The City acknowledges that, in the event of an examination by the Internal Revenue Service (the "IRS") of the exemption from federal income taxation for interest paid on the Bonds, under present rules, the City may be treated as a "taxpayer" in such examination and agrees that it will respond in a commercially reasonable manner to any inquiries from the IRS in connection with such an examination. The City also agrees and covenants with the purchasers and holders of the Bonds from time to time outstanding that, to the extent possible under Illinois law, it will comply with whatever federal tax law is adopted in the future which applies to the Bonds and affects the tax-exempt status of the Bonds. The Council hereby authorizes the officials of the City responsible for issuing the Bonds, the same being the Mayor, the City Clerk and the Treasurer, to make such further covenants and certifications regarding the specific use of the proceeds of the Bonds as approved by the Council and as may be necessary to assure that the use thereof will not cause the Bonds to be arbitrage bonds and to assure that the interest on the Bonds will be exempt from federal income taxation. In connection therewith, the City and the Council further agree: (a)through their officers, to make such further specific covenants, representations as shall be truthful, and assurances as may be necessary or advisable; (b)to consult with counsel approving the Bonds and to comply with such advice as may be given; (c)to pay to the United States, as necessary, such sums of money representing required rebates of excess arbitrage profits relating to the Bonds; (d)to file such forms,statements,and supporting documents as may be required and in a timely manner;and(e)if -25-