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a <br /> at such rates that neither the true interest cost (yield) nor the net interest rate received upon such <br /> sale exceed the maximum rate otherwise authorized by Illinois law and that the Purchase <br /> Contract is in the best interests of the City and that no person holding any office of the City, <br /> either by election or appointment, is in any manner financially interested directly in his own <br /> name or indirectly in the name of any other person, association, trust or corporation, in the <br /> Purchase Contract. <br /> The use by the Purchaser of any Preliminary Official Statement and any final Official <br /> Statement relating to the Bonds (the "Official Statement") is hereby ratified, approved and <br /> authorized; the execution and delivery of the Official Statement is hereby authorized; and the <br /> officers of the Board are hereby authorized to take any action as may be required on the part of <br /> the City to consummate the transactions contemplated by the Purchase Contract, this Ordinance, <br /> said Preliminary Official Statement, the Official Statement and the Bonds. <br /> Section 14. Creation of Funds and Appropriations. <br /> A. There is hereby created the "General Obligation Refunding Bonds, Series 2004B, <br /> Bond Fund" (the "Bond Fund"), which shall be the fund for the payment of principal of and <br /> interest on the Bonds. <br /> B. The Pledged Taxes shall either be deposited into the Bond Fund and used solely <br /> and only for paying the principal of and interest on the Bonds or be used to reimburse a fund or <br /> account from which advances to the Bond Fund may have been made to pay principal of or <br /> interest on the Bonds prior to receipt of Pledged Taxes. Interest income or investment profit <br /> earned in the Bond Fund shall be retained in the Bond Fund for payment of the principal of or <br /> interest on the Bonds on the interest payment date next after such interest or profit is received <br /> or, to the extent lawful and as determined by the Council, transferred to such other fund as may <br /> be determined. The City hereby pledges, as equal and ratable security for the Bonds, all present <br /> -26- <br />