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hereof by this reference, and hereby approved; the officers appearing signatory to such Escrow <br /> Agreement are hereby authorized and directed to execute same, their execution to constitute <br /> conclusive proof of action in accordance with this Ordinance, and approval of all completions or <br /> revisions necessary or appropriate to effect the Refunding. The City expressly authorizes the use <br /> of the Government Obligations as set forth in the Escrow Account as set forth in the Escrow <br /> Agreement. <br /> Section 17. General Arbitrage Covenants. The City hereby covenants that it will not <br /> take any action, omit to take any action or permit the taking or omission of any action within its <br /> control (including, without limitation, making or permitting any use of the proceeds of the <br /> Bonds) if taking, permitting or omitting to take such action would cause any of the Bonds to be <br /> an arbitrage bond or a private activity bond within the meaning of the Code or would otherwise <br /> cause the interest on the Bonds to be included in the gross income of the recipients thereof for <br /> federal income tax purposes. The City acknowledges that, in the event of an examination by the <br /> Internal Revenue Service (the "IRS") of the exemption from Federal income taxation of interest <br /> on the Bonds, under present rules, the City may be treated as a "taxpayer" in such examination <br /> and agrees that it will respond in a commercially reasonable manner to any inquiries from the <br /> IRS in connection with such an examination. <br /> The City also agrees and covenants with the purchasers and holders of the Bonds from <br /> time to time outstanding that, to the extent possible under Illinois law, it will comply with <br /> whatever federal tax law is adopted in the future which applies to the Bonds and affects the <br /> Tax-exempt status of the Bonds. <br /> The Council hereby authorizes the officials of the City responsible for issuing the Bonds, <br /> the same being the Mayor, the City Clerk and the Treasurer, to make such further covenants and <br /> certifications as may be necessary to assure that the use thereof will not cause the Bonds to be <br /> -28- <br /> 43 <br />