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8. That with respect to Section 103(c) of the <br /> Code, the Company and the City have made certain <br /> covenants in the Agreement, and the Company will make <br /> certain certifications and representations on the date <br /> of purchase of the Bonds, which certifications and <br /> representations the City shall adopt as hereinafter <br /> provided, and the City hereby convenants with the <br /> Original Purchaser and any subsequent owners of the <br /> Bonds that so long as any principal installment of, or <br /> interest on the Bonds remain unpaid, the City will not <br /> take or authorize the taking of any action which will <br /> cause the Bonds to be classified as "arbitrage bonds" <br /> within the meaning of Section 103 (c) of the Code and <br /> any lawful regulations promulgated or proposed <br /> thereunder, including Sections 1 . 103-13 , 1 . 103-14 and <br /> 1 . 103-15 of the Income Tax Regulations (26 C. F.R. , Part <br /> 1 ) as the same presently exist, or may from time to <br /> time hereafter be amended, supplemented or revised. <br /> 9 . That the Mayor is hereby directed to execute, <br /> in conjunction with the Company, as appropriate <br /> statement with respect to arbitrage and any and all <br /> other matters with respect to the use of the proceeds <br /> of the Bonds. <br /> 10. That the Mayor is hereby authorized to file <br /> with the Internal Revenue Service an election to have <br /> Section 103 (b) (6) (D) of the Code apply to the Bonds. <br /> 11 . That the holding by the City of the Public <br /> Hearing is hereby ratified, confirmed and approved in <br /> all respects. <br /> 12 . That the City hereby determined that all <br /> meetings of the City at which action was taken in <br /> connection with the Agreement and the Trust Agreement <br /> and the authorization, sale and issuance of the Bonds <br /> were duly and legally called and held proper public <br /> meetings, open to the public at all times, and notice <br /> of the time and place of each meeting was given and <br /> minutes of such meetings have been kept and are or will <br /> be made available as required by procedures adopted by <br /> the City and by "AN ACT in relation to meetings, " I11 . <br /> Rev. Stat. ch. 102 , § 42 . 02 ( 1957) , as amended, and all <br /> laws amendatory thereof and supplementary thereto. <br /> 13 . This Ordinance shall be in full force and <br /> effect from and after its passaqe. <br /> - 5 - <br />