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, ` • � . <br /> "Ordinance" means this Ordinance, numbered as set forth <br /> on the title page hereof, and passed by the Council on the llth <br /> day of December, 1989. <br /> "Paying Agent" means the City Treasurer of the City, or <br /> a successor thereto or a successor designated as paying agent <br /> hereunder. <br /> "Pledged Taxes" means the taxes levied on the taxable <br /> property within the corporate limits of the City to pay principal <br /> of and interest on the Bonds as made in Section 8 hereof. <br /> "Project" means such improvements as described and <br /> defined as such in the preambles to this Ordinance. <br /> "Project Fund" means the Project Fund as established <br /> and defined in Section 11 of the Ordinance. <br /> "Tax-exempt" means, with respect to the Bonds, the sta- <br /> tus of interest paid and received thereon as not includible in <br /> the gross income of the owners thereof under the Code for federal <br /> income tax purposes except to the extent that such interest will <br /> be taken into account in computing an adjustment used in deter- <br /> mining the alternative minimum tax for certain corporations, in <br /> computing the environmental tax imposed on certain corporations <br /> and in computing the "branch profits tax" imposed on certain for- <br /> eign corporations. <br /> Section 2. Incorporation of Preambles <br /> The Council hereby find that all of the recitals con- <br /> tained in the preambles to this Ordinance are true, correct and <br /> -4- <br />