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form attached hereto as Exhibit A to this Ordinance, made a part hereof by this reference, and <br /> hereby approved; the officers appearing signatory to each such Escrow Agreement are hereby <br /> authorized and directed to execute same, their execution to constitute conclusive proof of action <br /> in accordance with this Ordinance, and approval of all completions or revisions necessary or <br /> appropriate to effect the Refunding. The City expressly authorizes the use of the Government <br /> Securities as set forth in such Escrow Account as set forth in the Escrow Agreement. <br /> At the time of the issuance of the Bonds, the costs of issuance of the Bonds may be paid <br /> by the Purchaser on behalf of the City from the proceeds of the Bonds. <br /> Section 16. General Arbitrage Covenants. The City hereby covenants that it will not take <br /> any action,omit to take any action or permit the taking or omission of any action within its control <br /> (including, without limitation, making or permitting any use of the proceeds of the Bonds) if <br /> taking,permitting or omitting to take such action would cause any of the Bonds to be an arbitrage <br /> bond or a private activity bond within the meaning of the Code or would otherwise cause the <br /> interest on the Bonds to be included in the gross income of the recipients thereof for federal income <br /> tax purposes. The City acknowledges that,in the event of an examination by the Internal Revenue <br /> Service(the `IRS")of the exemption from federal income taxation of interest on the Bonds,under <br /> present rules, the City may be treated as a "taxpayer" in such examination and agrees that it will <br /> respond in a commercially reasonable manner to any inquiries from the IRS in connection with <br /> such an examination. <br /> The City also agrees and covenants with the purchasers and holders of the Bonds from time <br /> to time outstanding that, to the extent possible under Illinois law, it will comply with whatever <br /> federal tax law is adopted in the future which applies to the Bonds and affects the Tax-Exempt <br /> status of the Bonds. <br /> -28- <br />