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� <br /> ., <br /> Improvement Projects, remaining funds, if any, on deposit in and to the credit of the 2008 Project <br /> Fund shall be transferred by the City Treasurer, without further official action of or direction by <br /> the Corporate Authorities, to the Bond Fund. Monies on deposit in and to the credit of the 2008 <br /> Project Fund may be invested by the City Treasurer in any Qualified Investments, without further <br /> official action of or direction by the Corporate Authorities. <br /> Without further official action of or direction by the Corporate Authorities, if necessary to <br /> ensure the timely payment of principal of and interest on the Bonds, monies on deposit in the <br /> 2008 Project Fund may be transferred by the City Treasurer at any time to the Bond Fund in <br /> anticipation of the collection of Pledged Taxes. Any amount so transferred shall be immediately <br /> repaid upon the collection of Pledged Taxes. <br /> Section 14. Call of the Refunded Notes. In accordance with the redemption provisions <br /> of the ordinances authorizing the issuance of the Refunded Notes, the City by the Corporate II <br /> Authorities does hereby make provision for the payment of and does hereby call (subject only to 'I <br /> the delivery of the Bonds) the Refunded Notes for redemption on December 30, 2008. <br /> Section 15. Reimbursement. None of the proceeds of the Bonds will be used to pay, <br /> directly or indirectly, in whole or in part, for an expenditure that has been paid by the City prior <br /> to the date hereof except expenditures for which an intent to reimburse it is or was properly <br /> declared under Treasury Regulations Section 1.150-2. This Ordinance is in itself a declaration of <br /> official intent under Treasury Regulations Section 1.150-2 as to all costs of the 2008 Public <br /> Capital Improvement Projects paid after the date hereof and prior to iss�ance of the Bonds. <br /> Section 16. Not Private Activity Bonds. None of the Bonds is a "private activity bond" <br /> as defined in Section 141(a) of the Code. In support of such conclusion, the City certifies, <br /> represents and covenants as follows: <br /> -30- <br />