2007-97 ESTABLISHING A 2007 MORTGAGE CREDIT CERTIFICATE PROGRAM

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Mana er and Director of Financial Mana ement of the Cit are ach hereb authorized to I � g Y Y execute the Program Documents and to deliver the Program Docu ents to the other parties thereto. Section S. Approval, Execution and Delivery of the Electio . The form and substance of the Election are hereby approved, and the Mayor, City Clerk, Cit Manager and Director of Financial Management of the City are each hereby authorized to exec te the Election and file, or cause the filing of, the Election with the Internal Revenue Service. Section 6. Appointment of Special Tax Counsel. The me bers of the City Council hereby appoint Chapman and Cutler LLP as special tax counse in connection with the establishment of the Program and the issuance of the Certificates, an authorizes Chapman and ' Cutler LLP to prepare the necessary documentation and to take any an all such actions on behalf , of the City as may be necessary in connection with the establishme t of the Program and the ', issuance of the Certificates. ' Section 7. Public Notice. Public notice of the eligibility re uirements for the Program �, and the other information required by the Code shall be publishe once in a newspaper or i, newspapers of general circulation in the Program Area as rec�uired by t e Code. ' Section 8. Volume Cap. There is hereby allocated to the Pr gram the entire amount of II the City's unused `'volume cap," as defined in Section 146 of the Co e, from the Carry-Forward Election from calendar year 2004 for Qualified Mortgage Bo ds and Mortgage Credit Certiticates, or such lesser amount, as determined by the officer and s ecified in the Election. Section 9. Execution and Delivery of Other pocuments. T e Mayor, City Clerk, City Manager and Director of Financial Management of the City are ach hereby authorized to e�:ecute and attest to such other agreements, assignments, bon s, certificates, contracts, documents, instruments, releases, financing statements, letters of instr ction, written requests and other papers, whether or not mentioned herein, as may be necessary o convenient to carry out or assist in carrying out the purposes of this Ordinance. Section 10. Power to Revise Form of Documents. Notwithst nding any other provision of this Ordinance, the Mayor, City Clerk, City Manager and Directo of Financial Management of the City are each hereby authorized to make or approve such re isions in the form of the documents approved hereby as, in the opinion of Special Tax Cou sel, may be necessary or convenient to carry out or assist in carrying out the purposes of this rdinance; approval of such changes by the City shall be indicated by such officer's execution of t documents. Section 11. Purposes of Ordinance. That the members f the City Council have expressly determined and hereby confirms that the establishment of th Program and the issuance of Certificates accomplishes a valid public purpose of the City. Section 12. Severabiliry. If any section, paragraph, cla se or provision of this Ordinance shall for any reason be held to be invalid or unenf rceable, the invalidity or - 3 -