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Bonds and the amounts to be spent on or before such dates is <br /> based upon consultation with the architects, engineers and <br /> administrative staff of the City charged with responsible super- <br /> vision of the Project . <br /> I. The City has not been notified of any disqualifi- <br /> cation or proposed disqualification of it by the Commissioner of <br /> the Internal Revenue Service as a bond issuer which may certify <br /> bond issues under Treas. Reg. �1.103-13 (a) ( 2) ( ii) (1979) . <br /> J. To the best of the knowledge and belief of the <br /> undersigned Mayor and City Clerk, who are officers charged with <br /> the responsibility of issuing the Bonds, there are no facts, <br /> estimates or circumstances that would materially change the con- <br /> clusions and representations set out in this Section, and the <br /> expectations set out in this section are reasonable. <br /> The City also certifies and further covenants with the <br /> purchasers and registered owners of the Bonds from time to time <br /> outstanding that moneys on deposit in any fund or account in con- <br /> nection with the Bonds, whether or not such moneys were derived <br /> from the proceeds of the sale of the Bonds or from any other <br /> source, will not be used in a manner which will cause the Bonds <br /> to be "arbitrage bonds" within the meaning of Code Section 148 <br /> and any lawful regulations promulgated thereunder , including <br /> Treas. Reg. §§1 .103-13, 1.103-14 and 1.103-15 (1979) as the same <br /> presently exist or may from time to time hereafter be amended, <br /> supplemented or revised. <br /> -25- <br />