2008-99 PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS

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City and the Corporate Authorities. The contract for the sale of the Bonds to the Purchaser is hereby in all respects ratified, approved and confirmed, it being hereby declared that no person holding any office of the City, either by election or appointment, is in any manner financially interested, either directly in his own name or indirectly in the name of any other person, association, trust or corporation, in such contract. The use of the Official Statement (including the Preliminary Official Statement dated December 2, 2008, and any amendments to the Official Statement) in connection with the sale of the Bonds is hereby authorized, ratified and approved, and the Designated Officers are hereby authorized to execute and deliver the Official Statement to the Purchaser on behalf of the City. The form of Official Statement before this meeting has been reviewed and is hereby approved by each member of the Corporate Authorities, subject, however, to such modifications as may be deemed necessary or advisable by the Designated Officer executing the Official Statement, his or her execution thereof constituting his or her approval of any such modifications and to be deemed conclusive and binding approval hereunder as to the City and the Corporate Authorities. Section 13. Creation of Funds and Appropriations. A. There is hereby created the "General Obligation Bonds, Series 2008, Bond Fund" (the "Bond Fund"), which shall be the fund for the payment of principal of and interest on the Bonds. The Bond Moneys shall be deposited into the Bond Fund and used solely and only for paying the principal of and interest on the Bonds when due. All amounts derived from each distribution of the proceeds received from the collection of the Bond Moneys shall be allocated and deposited into the Bond Fund. Such deposits shall continue until a sufficient amount has been deposited into the Bond Fund to pay the principal of and interest on the Bonds when due. In the event that sufficient proceeds of the Bond Moneys and other amounts are not yet deposited into the Bond Fund so as to provide for the timely payment of the Bonds, the City shall deposit -28-