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"Purchaser" means the purchaser for the Bonds as determined by competitive bidding <br /> conducted by Speer Financial,Inc.,as financial advisor to the City. <br /> "Refunded Bonds" mean the bonds of the City described and defined as such in the <br /> preambles to this Ordinance. <br /> "Refunding" means the refunding of the Refunded Bonds from proceeds of the Bonds <br /> and such other lawfully available funds of the City as necessary. <br /> "Tax-exempt" means, with respect to the Bonds, the status of interest paid and received <br /> thereon as not includible in the gross income of the owners thereof under the Code for federal <br /> income tax purposes except to the extent that such interest will be taken into account in <br /> computing an adjustment used in determining the alternative minimum tax for certain <br /> corporations. <br /> "Term Bonds" means Bonds subject to mandatory redemption by operation of the Bond <br /> Fund and designated as term bonds in the Bond Notification. <br /> Section 2. Incorporation of Preambles. The Council hereby finds that all of the <br /> recitals contained in the preambles to this Ordinance are true, correct and complete and does <br /> incorporate them into this Ordinance by this reference. <br /> Section 3. Determination to Issue Bonds. It is necessary and in the best interests of the <br /> City to provide for the Refunding to achieve a net debt service savings, to pay all related costs <br /> and expenses incidental thereto, and to bonow money and issue the Bonds for such purposes. It <br /> is hereby found and determined that such borrowing of money is necessary for the welfare of the <br /> government and affairs of the City,is for a proper public purpose or purposes and is in the public <br /> interest, and is authorized pursuant to the Act; and these findings and determinations shall be <br /> deemed conclusive. <br /> -5- I <br />