98-34 PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS

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position of such bonds or obligations vis-a-vis the Bonds, all as determined by the Council; provided, only, however, that before pledging Sales Taxes to future obligations, the Council shall make a finding that the Sales Taxes are expected to be able to pay all obligations to which they have been pledged, including the Bonds. Section 12. Extension of Taxes by the County Clerk. The County Clerk shall in and for each of the years 1998 to 2016, inclusive, ascertain the rate percent required to produce the aggregate tax hereinbefore provided to be levied in each of said years; and the County Clerk shall extend the same for collection on the tax books in connection with other taxes levied in said years in and by the City for general corporate purposes of the City; and in said years such annual tax shall be levied and collected by and for and on behalf of the City in like manner as taxes for general corporate purposes for said years are levied and collected, and in addition to and in excess of all other taxes. Section 13. Sale of Bonds. The Bonds shall be executed as in this Ordinance provided as soon after the passage hereof as may be, shall be deposited with the City Treasurer, and shall be by the Treasurer delivered to the purchasers thereof, namely, Magna Bank, National Association, Springfield, Illinois (the "Purchasers"), upon payment of the purchase price agreed upon, the same being par plus accrued interest to date of delivery. The contract for the sale of the Bonds to the Purchasers is hereby in all respects approved and confirmed, and the officer(s) of the City designated therein are authorized and directed to execute the agreement on behalf of the City, it being hereby declared that no person holding any office of the City, either by election or appointment, is in any manner financially interested directly in his own name or indirectly in the name of any other person, association, trust or corporation, in such contract for the sale of the Bonds to the Purchasers. Section 14. Creation of Funds and Appropriations. The proceeds derived from the sale of the Bonds shall be used as follows: -22-